Regulation .02 Scope.
Regulation .02 Scope.LinkCopy Citation
These regulations apply to mortgage loans financed through the Mortgage Yield Account of the Fund. The loans:
A.
Are not subject to the Internal Revenue Code;
B.
Are mortgage investments under the General Bond Certificate as described in Regulation .03B(13) of this chapter or mortgage loans that otherwise meet the requirements of the General Bond Certificate;
C.
Are pledged to the bond holders under the General Bond Certificate;
D.
May be ineligible for financing with proceeds of the Administration's mortgage revenue bonds or through other mortgage programs of the Department;
E.
Enable borrowers to acquire, rehabilitate, and refinance owner-occupied residential housing of one to four units; and
F.
May be made for acquisition of residential housing of one to four units in a project in accordance with forward commitments to developers for permanent take-out financing under the SPIF program.