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United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 30-A, § 4832: Construction loans, 1987

The Maine State Housing Authority may join with financial institutions to make construction loans for low-income housing and land development, and it must adopt rules for how those loans are handled.

Source excerpt

construction loanshousing developmentloan participationrulemaking
Jurisdiction
United States — Maine
Structure
1 provisions
Official identity
Year 1987
Dates
Enacted 1987 · Source version 1 Oct 2025
More statute details
Dates
Enacted 1987 · Source version 1 Oct 2025
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“The Maine State Housing Authority may join with financial institutions to make construction loans for low-income housing and land development, and it must adopt rules for how those loans are handled.”

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Construction loans

The Maine State Housing Authority may join with financial institutions to make construction loans for low-income housing and land development, and it must adopt rules for how those loans are handled.

Section 4832

04

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Source record from legislature.maine.gov · Enacted 1987 · Source version 1 Oct 2025

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§ 4832Construction loansProvision

Source excerpt

The Maine State Housing Authority may join with financial institutions to make construction loans for low-income housing and land development, and it must adopt rules for how those loans are handled.

The Maine State Housing Authority may participate with financial institutions in the State in the making of construction loans for the purpose of land development and the construction of housing units or housing projects for persons of low income, under any terms and conditions that the Maine State Housing Authority may establish by rule. [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).] 1. Participation requirements. Except as provided in paragraphs A and B, the Maine State Housing Authority may not participate in the making of construction loans unless a financial institution in the State agrees to participate in the loan at least to the extent of acting as escrow agent. Notwithstanding any other provisions of law, financial institutions in the State may act as required by this subchapter. A. The Maine State Housing Authority may make construction loans to state public bodies or other public instrumentalities and private nonprofit corporations without the participation of a financial institution. [PL 1989, c. 48, §§4, 31 (NEW).] B. If a project's financing requires that the Maine State Housing Authority participate in the construction loan at a level greater than 60%, the Maine State Housing Authority may make the whole construction loan without using an escrow agent. [PL 2017, c. 234, §27 (NEW).] [PL 2017, c. 234, §27 (AMD).] 2. Rules. The Maine State Housing Authority shall establish rules in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, governing, without limitation, the following subjects and procedures for participating in the making of construction loans: A. The submission, review and acceptance of requests from borrowers for construction loans under this section; [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).] B. Qualifications of borrowers; [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).] C. Limitation on and standards for location and construction of housing units or housing projects; [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).] D. Schedules of fees and other charges made by the authority and the financial institution to the borrower in accepting, reviewing and acting upon applications for construction loans under this subchapter; and [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).] E. Restrictions on the interest rates charged by the financial institutions and the authority on the construction loans or the return on those loans to be realized by the financial institution. [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).] [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
Section 4832Verify source

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  • 1 Oct 2025 · currentEnglish

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