(1) A CTMH loan shall:
(a) provide for complete amortization at maturity through substantially equal monthly payments of principal and interest;
(b) have a term not to exceed 30 years;
(c) bear interest at an annual rate of at least 0.5% less than the interest rate charged for a loan funded by the Housing Montana Fund as outlined in ARM 8.111.506;
(d) be subject to a late charge of 4% of the monthly payment due for each monthly payment that is not made within 15 days of its due date;
(e) be secured by a lien (perfected either by a mortgage or a trust indenture) against the real property benefited by the loan; and
(f) be in first lien position, will not exceed 95% of total development cost, and may be a loan participation or pari passu loan as long as it minimizes the risk of the CTMH program.
(2) The board and the CTMH loan recipient must each pay half of the loan servicing fees as determined by the board.
History: Ch. 460, Sec. 1, L. 2019; IMP, Ch. 460, Sec. 1, L. 2019; NEW, 2019 MAR p. 1631, Eff. 9/21/19.