Chapter 175-4 Loan Guarantee Program

(A) The agency may guarantee the repayment of a loan, or any part of a loan made to a sponsor, homeowner, or private developer, from the agency or any approved lender.

(B) The agency may make a loan guarantee in any amount up to but not exceeding the amount of the mortgage loan.

(C) The term of the guarantee shall not exceed the term of the loan.

(D) The agency may charge a fee for the loan guarantee.

(E) If the principal obligation of any guaranteed loan or part thereof is paid in full prior to its maturity date, or if a purchase option of any loan instrument is exercised before the end of the term, the agency may require the payment of an adjusted charge in such amount as it determines equitable.

(F) The proceeds derived from guaranteed loan must be used to pay the costs of the development of housing for low- and moderate-income families or for financing mortgages for housing for elderly or low- and moderate-income families.

HISTORY: Eff 5-31-86; 3-23-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 175.02

Rule amplifies: RC 175.04, 175.10

RC 119.032 Review Date: 3/23/09

Rescinded eff 3-23-04

Rescinded eff 3-23-04

Rescinded eff 3-23-04

Rescinded eff 3-23-04

Rescinded eff 3-23-04