§ 122A-5.5. Rehabilitation Loan Authority.
§122A‑5.5. Rehabilitation Loan Authority.
(a) In order toeffectuate the authority of the Agency to participate in commitments topurchase and to purchase mortgage loans for the rehabilitation of existingresidential housing the Agency is hereby empowered to adopt, modify or repealrules and regulations governing the making or participation in the making ofmortgage loans and the purchase or participation in commitments for thepurchase of mortgage loans for the rehabilitation of existing residential housing.
(b) The rules andregulations of the Agency adopted pursuant to this section shall provide at aminimum that:
(1) Rehabilitationmortgage loans shall be for the purpose of owner‑ financed improvementsto or renovation of residential housing;
(2) Requirements foreligibility for rehabilitation mortgage loans shall be consistent with allapplicable federal laws and regulations governing bonds for rehabilitationmortgage loans in order to insure that such bonds are exempt from taxation. (1981,c. 344, s. 2.)