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RSA 204-C:16 · Conditions on Mortgage Loans

Title
XVII: HOUSING AND REDEVELOPMENT
Chapter
204-C · HOUSING FINANCE AUTHORITY
Status
current
Official source linked
Yes
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204-C:16 Conditions on Mortgage Loans. – Mortgage loans made by the authority to eligible mortgagors shall be made subject to the following terms and conditions:

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I.

No application for a mortgage loan shall be approved unless the applicant is an eligible mortgagor.

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II.

Mortgage loans shall be made at interest rates established by the authority. In connection with the making of mortgage loans and commitments for mortgage loans, and in addition to such interest charges, the authority may charge and collect such fees and charges, including, but not limited to, reimbursement of the authority's financing costs, service charges, insurance premiums and mortgage insurance premiums, as the authority determines to be reasonable.

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III.

The ratio of mortgage loan to project value and the amortization period of federally insured mortgage loans made under this chapter shall be governed by the mortgage insurance commitment for each project concerned, but such amortization period shall not exceed 50 years. In the case of a mortgage loan which is not federally insured, the ratio of loan to project value and the amortization period of loans shall be determined in accordance with rules adopted by the authority; but, in no event, shall such loan-to-value ratio exceed 95 percent of development cost of the housing financed by such mortgage loan, nor shall the amortization period exceed 50 years, except that, in the case of loans to governmental agencies, nonprofit eligible mortgagors, or eligible mortgagors which are organized as condominium associations or cooperatives, such loan shall not exceed 100 percent of such development cost.

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IV.

Each mortgage shall be in recordable form and each mortgage and promissory note accompanying such mortgage shall retain such terms and provisions and be in such form as may be approved by the authority.

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V.

With respect to any rental housing, an eligible mortgagor may not in any one year make distributions of income or earnings from or have equity in, or indebtedness from, housing financed by the authority in excess of the amounts prescribed by the rules of the authority; but, in no event, shall a mortgagor make distributions of income of the mortgagor in any one year or cumulatively in excess of such limits as may be established by the authority in rules adopted pursuant to RSA 204-C:53, of the mortgagor's equity in such housing, which for the purposes of this chapter shall be the development cost of the housing, as determined by the authority at the time of making the final mortgage advance, less the amount of the final advance of the mortgage loan to the eligible mortgagor. Such mortgagor's equity shall remain constant as long as the authority's mortgage shall be outstanding unless otherwise provided for by rules of the authority. Source. 1981, 466:2. 1983, 468:13, eff. June 30, 1983. 2014, 323:3, eff. Sept. 30, 2014.

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Source note

Source. 1981, 466:2. 1983, 468:13, eff. June 30, 1983. 2014, 323:3, eff. Sept. 30, 2014.

Source history

  • 1981, 466:2
  • 1983, 468:13, eff. June 30, 1983
  • 2014, 323:3, eff. Sept. 30, 2014

Related materials

Bill relationships

  • 2026 HB1405 amend

    arantee program. Be it Enacted by the Senate and House of Representatives in General Court convened: 1 New Subdivision; Affordable Housing Guaranteed Loan Program. Amend RSA 204-C by inserting after section 92 the following new subdivision: Affordable Housing Guaranteed Loan Program 204-C:93 Definitions. In this subdivision: I. "Affordable housing" means: (a) Housing whose combined re

  • 2026 HB1405-FN amend

    arantee program. Be it Enacted by the Senate and House of Representatives in General Court convened: 1 New Subdivision; Affordable Housing Guaranteed Loan Program. Amend RSA 204-C by inserting after section 92 the following new subdivision: Affordable Housing Guaranteed Loan Program 204-C:93 Definitions. In this subdivision: I. "Affordable housing" means: (a) Housing whose combined re

  • 2026 HB1661 amend · effective 2028-07-01

    Enacted by the Senate and House of Representatives in General Court convened: 1 New Section; Housing Finance Authority; Affordable Housing Fund; Annual Appropriation. Amend RSA 204-C by inserting after section 57-a the following new section: 204-C:57-b Annual Appropriation. There is hereby appropriated annually the sum of $1,500,000 to the housing finance authority established in RSA 204-C, for

  • 2026 HB1661-FN amend · effective 2028-07-01

    Enacted by the Senate and House of Representatives in General Court convened: 1 New Section; Housing Finance Authority; Affordable Housing Fund; Annual Appropriation. Amend RSA 204-C by inserting after section 57-a the following new section: 204-C:57-b Annual Appropriation. There is hereby appropriated annually the sum of $1,500,000 to the housing finance authority established in RSA 204-C, for

  • 2026 HB1662 amend

    ouse of Representatives in General Court convened: 1 New Section; Housing and Development; Housing Finance Authority; Low-Cost Financing for Developers and Homeowners. Amend RSA 204-C by inserting after section 92 the following new section: 204-C:93 Low-Cost Financing for Developers and Homeowners. Notwithstanding any provision of law to the contrary, the housing finance authority (HFA) shall of

  • 2026 HB1662-FN amend

    ouse of Representatives in General Court convened: 1 New Section; Housing and Development; Housing Finance Authority; Low-Cost Financing for Developers and Homeowners. Amend RSA 204-C by inserting after section 92 the following new section: 204-C:93 Low-Cost Financing for Developers and Homeowners. Notwithstanding any provision of law to the contrary, the housing finance authority (HFA) shall of

  • 2026 HB1713 amend · effective 2026-07-01

    s. Amend RSA 204-D:1 to read as follows: 204-D:1 Definitions. As used in this chapter: I. "Authority" means the New Hampshire housing finance authority established under RSA 204-C. II. "Committee" means the long range capital planning and utilization committee established under RSA 17-M. III. “Eligible housing” means single-family housing, multi-family housing, manufactured housing parks or

  • 2026 HB604 amend · effective 2025-07-01

    accessory dwelling units. Be it Enacted by the Senate and House of Representatives in General Court convened: 1 New Section; Loan Forgiveness Program Established. Amend RSA 204-C by inserting after section 70 the following new section: 204-C:64-a Loan Forgiveness Program. I. There is hereby established a conditional loan program to be administered by the New Hampshire housing finance authori

  • 2026 HB604-FN amend

    accessory dwelling units. Be it Enacted by the Senate and House of Representatives in General Court convened: 1 New Section; Loan Forgiveness Program Established. Amend RSA 204-C by inserting after section 70 the following new section: 204-C:64-a Loan Forgiveness Program. I. There is hereby established a conditional loan program to be administered by the New Hampshire housing finance authori