Title 28, Property

[§514D-14] Limitations on amounts retained in reserve accounts. The maximum aggregate amount the authority may retain on deposit in a reserve account shall not exceed five per cent of the aggregate outstanding principal balance of enrolled loans. On a regular basis, no less than …

[§514D-15] State's rights with respect to reserve account. (a) All of the money in a reserve account established under this part shall be the property of the State. (b) The State shall be entitled to earn interest on the amount of contributions made by the authority, borrower, an…

[§514D-16] Participating community development financial institution's annual reports. A participating community development financial institution shall submit an annual report to the authority. The report shall: (1) Provide information regarding outstanding principal balances of…

[§514D-17] Authority's annual report; audits. (a) The authority shall submit to the legislature an annual status report on the condominium loan loss reserves program's activities. (b) The condominium loan revolving fund shall be audited at least annually by a firm of independent …

[§514D-18] State liability prohibited. The State shall not be liable to a participating community development financial institution for payment of the principal, interest, or any late charges on a loan made by a participating community development financial institution to a quali…

[§514D-2] Powers; rulemaking. In addition to any other powers authorized by law, the authority may: (1) Contract with any community development financial institution for services, including servicing or administering loans pursuant to this part; and (2) Adopt rules pursuant to ch…

[§514D-3] Condominium loan program. There is established within the authority the condominium loan program to provide qualified condominium associations with low-cost financing, or refinancing for loans previously obtained, for maintenance or repair projects in accordance with th…

[§514D-4] Condominium loan revolving fund. (a) There is established in the state treasury the condominium loan revolving fund, into which shall be deposited: (1) Moneys received as repayment of loans and interest payments as provided in this chapter; (2) Appropriations made by th…

[§514D-5] Loans; limitations and conditions. (a) Loans under this chapter shall be for financing, or refinancing previous loans that were used for, the following maintenance or repairs in a condominium project: (1) Installing, repairing, or replacing fire sprinklers or other fire…

[§514D-6] Loans; eligibility. The authority may make loans directly to a condominium association that has: (1) Received at least one letter from a financial institution declining its eligibility for a loan to address maintenance or insurance coverage issues; and (2) Obtained full…

[§514D-7] Annual reports. The authority shall submit a report to the legislature no later than twenty days prior to the convening of each regular session that details the progress of the condominium loan program, aggregate data on the loans issued under this part, and the balance…

[§514D-8] Gifts and grants. The authority may accept gifts, grants, and donations from any source for the purposes of this chapter. [L 2025, c 296, pt of §19]