The authority shall require as a condition to receiving any of its money under this
chapter that any mortgage lender receiving money, within the limitation imposed by
the amount of money received, shall give reasonable priority to mortgage loan applications
made directly to the mortgage lender by qualified, individual home purchasers, before
committing any money received from the authority to contractors, builders, real estate
developers or real estate agents, except to the extent the authority determines there
is a need to encourage the construction of affordable housing and it is reasonable
and appropriate to provide or permit commitments to alleviate such need. Any money committed by a mortgage lender to an individual home purchaser under this
act may be used for the purchase of new or existing residential dwellings.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.