Chapter Chapter 3. Louisiana Housing Finance Act

A. The terms defined in the Act have the same meaning when used in these rules as are ascribed to them in the Act. Act―Chapter 3-A of Title 40 of the Louisiana Revised Statutes of 1950, as amended. Adjusted Family Income―the gross annual income, from all sources and before taxes …

A. With respect to a housing project or a housing unit financed by an insured mortgage loan, which insured mortgage loan is a federally aided mortgage in whole or in part, the agency's action in authorizing such mortgage loan shall have the effect of adopting as the agency's inco…

A. The agency by resolution may establish asset criteria when it determines that action to be necessary to preserve the integrity of established income limitations and to effectuate the purposes of the Act.

A. Pursuant to the Act, the agency, by resolution, may accept financial or technical assistance, including insurance and guarantees, from the federal or state governments or any person or corporations, agree and comply with any condition attached thereto, and authorize and direct…

A. To inform itself and the public the agency may hold public hearings anywhere in the state and may limit the scope of such hearings. B. A person, firm, corporation or public body or agency, aggrieved by a decision of the agency or the executive director, may request in writing …

A. The bylaws of the agency shall be adopted and amended by resolution and shall be public records. The bylaws shall include the time and place of regular meetings, the manner of calling special meetings and such internal procedures as the agency requires.

A. The agency staff may provide staff services to assist an applicant in complying with the requirements of the Act and these rules. The executive director may establish a preapplication procedure. B. Forms to be employed for applications may be prepared by the agency and shall b…

A. An insured mortgage loan, or part thereof, shall not be made or disbursed to an applicant until such time as the applicant is an eligible applicant. B. An eligible applicant is an applicant satisfying the criteria established by and in accordance with the Act and these rules a…

A. An application for a loan to a lending institution shall require a determination that the proposed housing project is a feasible housing project and shall include information, and where required by the agency supporting materials and evidence, with respect to: 1. the status of…

A. An application for a determination that a proposed housing project is a feasible housing project shall be processed by the agency on the basis of project evaluation factors hereinafter called the "agency's evaluation factors" as to economic, physical and social characteristics…

A. The agency shall review each analysis and recommendation and, if it determines that the application meets the requirements of the Act and these rules and is consistent with the agency's evaluation factors, by resolution, it may determine that the proposed housing project is a …

A. An application for an insured mortgage loan for a housing project to be funded by the proceeds of the agency's notes or bonds shall include, where applicable, information, and, where required by the agency or a lending institution acting on behalf of the agency, supporting mat…

A. An application for the purchase of an insured mortgage loan shall be processed by the agency or by a lending institution on behalf of the agency on the basis of the agency's evaluation factors. The lending institution shall undertake such land appraisals, market surveys and an…

A. The agency shall review each analysis and recom­mendation and if it determines that the application meets the requirements of the Act and these rules and is consistent with the agency's evaluation factors, by resolution, it may authorize the purchase of an insured mortgage loa…

A. An insured mortgage loan purchase commitment of the agency, the issuance of which is authorized by an agency resolution, shall include such conditions as the agency considers appropriate with respect to the commencement of construction of the proposed housing project, the mark…

A. Priorities for allocation of agency moneys available for the purchase of insured mortgage loans shall be established and reviewed by the agency. Priorities shall be based on criteria established by the agency as best effectuating the purposes of the Act including, without limi…

A. The agency from time to time by resolution shall approve the submission of the invitation to mortgage lending institutions to lending institutions with offices in the state. The invitation to mortgage lending institutions shall inform lending institutions of the nature and fea…

A. The agency from time to time by resolution shall approve the form of the offer to participate and agreement for submission to lending institutions with offices in the state. The offer to participate made by a lending institution in response to the Invitation shall incorporate …

A. The agency shall in its sole discretion reduce the amount of each offer to participate to an amount it deems reasonable in the event that the agency receives offers to originate more insured mortgage loans than is practical. Such reduction shall be on a pro rata basis, provide…

A. The agency, by an interest rate notice, shall notify each lending institution of the interest rate it may charge on the insured mortgage loans and the date of the expected availability of bond or note proceeds to purchase insured mortgage loans.

A. The purchase price of each insured mortgage loan purchased by the agency shall be as is specified in the offer to participate. A lending institution may charge each mortgagor or an insured mortgage loan such fees and charges as are permitted by resolution of the agency.

A. Insured mortgage loans originated by lending institutions pursuant to the agency's insured mortgage loan purchase programs shall be subject to and comply with such terms and conditions as shall be established by the agreement. The mortgage loan purchase commitment shall contai…

A. An application by an individual or family for an insured mortgage loan, to be made with the assistance of agency moneys, for the long-term financing of a housing unit to be purchased by the individual or family, shall include information, and where required by the agency, supp…

A. Each lending institution shall service and administer the insured mortgage loans in accordance with the agreement. B. Without limiting the generality of the foregoing Subsection, in the event any lending institution is an institution regulated by the FSLIC or FDIC, the agency …

A. Forms of documents to be used with respect to insured mortgage loans and the issuance and sale of the agency's notes and bonds shall be prepared, and may be revised and amended, by the agency under direction of the executive director on behalf of the agency, subject to legal r…

A. The agency reserves the right to pursue all remedies prescribed by law or in the act for breach or violation of any provision of any agency loan document described in