3/2 Option Qualifications

(a) Grants and loans under § 4206.1 shall be limited to the following: Adjusted Income: Qualifies For: Less than $34,335, Outright Grant, $34,335 to $39,240, 5 Year Interest Free Loan, $39,240 to $45,780, 3 Year Interest Free Loan, Over $45,780, No Grant or Loan. (b) Funding under § 4206.1 will be available only if the Financial Institution is a participant in the 3/2 Option program. (c) All amounts above shall be reduced to the extent the applicant has available resources and any family gifts that may be applied to the Down Payment. SOURCE: Added by P.L. 21-099:2 (Mar. 31, 1992) as § 4206b. Renumbered by the Compiler to adhere to its general codification scheme pursuant to the authority granted by 1 GCA § 1606. 2017 NOTE: Subsection designations added pursuant to the authority of 1 GCA § 1606. Internal reference was altered to reflect the renumbering of 4206a