United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 30-A, § 4943: Limitations, 1989

This section limits participation in the program to applicants age 70 or older, gives priority to low-income elderly households, bars the Maine State Housing Authority from taking certain actions on loans with a…

elderly homeowner loan programloan guaranteesloan underwritingloan use restrictions

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01

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“This section limits participation in the program to applicants age 70 or older, gives priority to low-income elderly households, bars the Maine State Housing Authority from taking certain actions on loans with a loan-to-value ratio above 80%, and limits loan use to urgent matters set by the Authority.”

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    Enacted 1989 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Limitations

This section limits participation in the program to applicants age 70 or older, gives priority to low-income elderly households, bars the Maine State Housing Authority from taking certain actions on loans with a loan-to-value ratio above 80%, and limits loan…

Section 4943

04

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Source record from legislature.maine.gov · Enacted 1989 · Source version 1 Oct 2025

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§ 4943LimitationsProvision

This section limits participation in the program to applicants age 70 or older, gives priority to low-income elderly households, bars the Maine State Housing Authority from taking certain actions on loans with a loan-to-value ratio above 80%, and limits loan use to urgent matters set by the Authority.

The following limitations apply to the Elderly Homeowner Equity Loan Program and the Elderly Homeowner Equity Loan Guarantee Fund under this subchapter. [PL 1989, c. 581, §18 (NEW).] 1. Priority. Priority shall be given to low-income elderly households. [PL 1989, c. 581, §18 (NEW).] 2. Participation. Participation is limited to applicants who are 70 years of age or older. [PL 1989, c. 581, §18 (NEW).] 3. Equity. The Maine State Housing Authority shall not insure, guarantee, purchase or make disbursements on loans for which the loan-to-value ratio exceeds 80%. [PL 1989, c. 581, §18 (NEW).] 4. Use of funds. Loans provided to eligible recipients shall be used only for urgent matters as determined by the Maine State Housing Authority, including payment of property taxes, property maintenance, home care and similar matters. [PL 1989, c. 581, §18 (NEW).]
Section 4943Verify source

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  • 1 Oct 2025 · currentEnglish

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