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Maine Revised Statutes Title 30-A. Municipalities and Counties § 4802. Institutional loans

Current as of January 01, 2025 | Updated by Findlaw Staff

1. Loans authorized. The Maine State Housing Authority may make loans to financial institutions for the purpose of providing mortgage funds for the financing of housing units or housing projects for persons or families of low income. These loans are referred to in this subchapter as “institutional loans.” Financial institutions receiving or to receive such loans are referred to in this subchapter as “participating financial institutions.” A participating financial institution which does not maintain a regular place of business in the State must contract for the origination of mortgage loans with a financial institution with a regular place of business in the State.

2. Eligible mortgage loans. Eligible mortgage loans under this subchapter are mortgage loans for the purpose of:

A. Acquiring one-family or multi-family housing units, housing projects and improvements located on an Indian reservation in the State;

B. Rehabilitating housing units or housing projects or to promote the conservation of energy resources;

C. Constructing, reconstructing or developing housing units or housing projects; and

D. Purchasing manufactured housing.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 30-A. Municipalities and Counties § 4802. Institutional loans - last updated January 01, 2025 | https://codes.findlaw.com/me/title-30-a-municipalities-and-counties/me-rev-st-tit-30-a-sect-4802/

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