New Hampshire Revised Statutes 204-C:15 – Mortgage Loans
Current as of: 2023 | Check for updates
|
Other versions
Without limiting the generality of the powers granted under N.H. Rev. Stat. § 204-C:8, with respect to mortgage loans to be made by the authority, the authority may:
I. Make, undertake commitments to make and participate with governmental agencies, lending institutions and other sources in the making of mortgage loans to eligible mortgagors, for the purpose of acquiring, refinancing, building or rehabilitating housing to provide housing for eligible elderly and low income persons and families and other eligible persons and families in accordance with this chapter in locations where, in the judgment of the authority, there is a need for such housing. Such loans may include acquisition loans, refinancing loans, construction loans and permanent loans.
II. Enter into agreements with lending institutions in the state which shall, pursuant to the rules of the authority, act as the authority’s agent for the purpose of accepting, reviewing and acting upon applications for mortgage loans and preparing, processing and servicing such loans. For such activities, the lending institutions shall receive reasonable fees as established by rules of the authority.
I. Make, undertake commitments to make and participate with governmental agencies, lending institutions and other sources in the making of mortgage loans to eligible mortgagors, for the purpose of acquiring, refinancing, building or rehabilitating housing to provide housing for eligible elderly and low income persons and families and other eligible persons and families in accordance with this chapter in locations where, in the judgment of the authority, there is a need for such housing. Such loans may include acquisition loans, refinancing loans, construction loans and permanent loans.
Terms Used In New Hampshire Revised Statutes 204-C:15
- Authority: shall mean the New Hampshire housing finance authority. See New Hampshire Revised Statutes 204-C:1
- Elderly: shall mean a person who qualifies to live in housing for older persons, as defined in N. See New Hampshire Revised Statutes 204-C:1
- Eligible persons and families: shall mean a person or persons, and families of 2 or more persons, irrespective of race, creed, national origin, sex, or gender identity, determined by the authority to require assistance under this chapter on account of insufficient personal or family income taking into consideration, without limitation, such factors as follows: (a) the amount of the total income of such persons and families available for housing needs; (b) the size of the family; (c) the cost and condition of housing facilities available; (d) the ability of such persons and families to compete successfully in the normal private housing market and to pay the amounts at which private enterprise is providing decent, safe and sanitary housing; and (e) if appropriate, standards established for various federal programs determining eligibility based on income of such persons and families. See New Hampshire Revised Statutes 204-C:1
- Housing: shall mean one or more new or existing dwelling units in the state financed pursuant to this chapter, including homes for persons with disabilities, mobile homes, prefabricated homes, any buildings, land, improvements, equipment, facilities or other real or personal properties which are deemed by the authority to be necessary, convenient, ancillary or desirable in connection with such dwelling units, and including, but not limited to, streets, sewers, utilities, parks, site preparation, off-site facilities, landscaping and other nonhousing facilities such as administrative, community, transportation, health, recreational, educational, commercial, retail, welfare and public facilities. See New Hampshire Revised Statutes 204-C:1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: shall mean a mortgage deed, deed of trust, or other instrument which shall constitute or create a security interest in tangible personal property constituting housing, or a lien on real property or on a leasehold under a lease having a remaining term, at any time such mortgage is acquired, which does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is established by the authority as necessary to protect its interest as mortgagee. See New Hampshire Revised Statutes 204-C:1
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. Enter into agreements with lending institutions in the state which shall, pursuant to the rules of the authority, act as the authority’s agent for the purpose of accepting, reviewing and acting upon applications for mortgage loans and preparing, processing and servicing such loans. For such activities, the lending institutions shall receive reasonable fees as established by rules of the authority.