Montana Administrative Code

8.111.101 ORGANIZATIONAL RULE The board of housing is created by 2-15-1008 , MCA, and its members are appointed by the governor. The department of commerce provides all necessary staff and services to the board. Inquiries regarding the board may be addressed to the division admin…

8.111.201 INCORPORATION OF MODEL RULES The board of housingadopts and incorporates the Attorney General's model organizational andprocedural rules for contested casesand declaratory rulings in ARM 1.3.211 through ARM 1.3.233, copies of which may be obtained by contacting the Boar…

8.111.202 MEETINGS OF THE BOARD All meetings of the board are open to the public, except to the extent any meeting is closed during discussion of a matter of individual privacy or litigation strategy in accordance with 2-3-203, MCA. Notice of the board's regular meetings shall be…

8.111.203 CONFIDENTIALITY AND DISCLOSURE OF INFORMATION (REPEALED) Authorizing statute(s): 90-1-106, 90-6-104, MCA Implementing statute(s): 2-6-102, MCA History: NEW, 2001 MAR p. 952, Eff. 6/8/01; REP, 2017 MAR p. 783, Eff. 6/10/17.

8.111.204 PUBLIC PARTICIPATION IN BOARD OF HOUSING OPERATIONS The board welcomes and encourages public participation in its operations in accordance with the requirements of state law and board rules. The board will conduct contested cases and rulemaking in accordance with the ap…

8.111.301 PURPOSE AND OBJECTIVE These rules are adopted by the board under and pursuant to the provisions of Title 90, chapter 6, part 1, MCA, the Housing Act of 1975, to implement the legislative and administrative intent to increase the supply of adequate housing in the state t…

8.111.302 LOWER INCOME PERSONS AND FAMILIES Each June and at such other times as may be necessary, the board will establish, review, and revise the adjusted gross annual income limits for lower income persons and families deemed to require assistance under board programs. In esta…

8.111.303 FINANCING PROGRAMS From time to time the board may engage in programs to finance housing developments within the state. Specific programs authorized by 90-6-108, MCA, are: the making of loans to lending institutions; the purchasing of existing mortgages from lending ins…

8.111.304 CONDITIONS OF FINANCIAL ASSISTANCE All housing developments financially assisted by the board will be open to lower income persons and families regardless of race, color, religion, sex, marital status, national origin or ancestry. All persons and firms and their agents …

8.111.305 APPROVED LENDERS A public or private entity ("applicant") maintaining an office in the state and authorized by law to make or participate in making new, residential mortgage loans may apply, in writing, for designation as an approved lender for board programs. All appli…

8.111.305A APPROVED LOAN SERVICERS A public or private entity which has as its function the servicing of mortgage loans secured by residential real estate and maintains an office in the state may apply to be an approved servicer for board mortgage loans ("applicant"). All applica…

8.111.305B DEFINITION OF REGULATORY AGENCY The term regulatory agency includes only the following: office of thrift supervision; federal deposit insurance corporation ("FDIC") ; federal reserve system; office of controller of currency; national credit union administration ("NCUA"…

8.111.305C OFFICERS CERTIFICATION Each submission provided pursuant to ARM 8.111.305 or 8.111.305A shall contain an officer's certificate certifying that all of the information supplied is accurate and the officer is not aware of any information which would result in a failure of…

8.111.305D FALSE OR MISLEADING STATEMENTS The submissions of false, misleading, or deceptive information in an application shall be grounds for rejection of the application and denial of further consideration. Authorizing statute(s): Sec. 90-6-104, 90-6-106, MCA Implementing stat…

8.111.306 HOUSING SPONSORS A housing sponsor may be anyone or a combination of the entities listed in 90-6-103, MCA, that is approved by a qualified lending institution acting on behalf of the board. Housing sponsors may include a limited profit housing sponsor, a non-profit hous…

8.111.307 AREAS OF CHRONIC ECONOMIC DISTRESS The board may from time to time designate areas of chronic economic distress within the state which it will consider in establishing its programs to finance housing developments. "Areas of chronic economic distress" means an area of th…

8.111.401 PURPOSE OF REGULATIONS These rules are enacted by the Board of Housing (board) to provide explanation and guidance to individuals applying for reverse annuity mortgage loans. The legislature in enacting the reverse annuity mortgage loan program provided that the board s…

8.111.402 DEFINITIONS As used in this subchapter, the following words and phrases have the following meanings: "Appraisal" means an opinion of a qualified appraiser on the nature, quality, and value of specific interests in identified real estate in accordance with HUD Handbook 4…

8.111.403 COUNSELING REQUIREMENTS All applicants for reverse annuity mortgage loans must complete the required reverse annuity mortgage counseling by a qualified reverse annuity mortgage counselor. Information as to the required counseling is available by contacting the Board of …

8.111.404 ELIGIBILITY REQUIREMENTS To be eligible for a reverse annuity mortgage loan, the applicant must do the following: successfully complete the required reverse annuity mortgage counseling by a qualified reverse annuity mortgage counselor, as set forth in ARM 8.111.403; sub…

8.111.405 INCOME LIMITS AND LOAN AMOUNTS The annual income limits to be eligible for a reverse annuity mortgage loan shall not exceed 200% of the poverty level per household size as set forth by the U.S. Department of Health and Human Services, changing each year. A loan amount m…

8.111.406 REPAYMENT OF THE LOAN Repayment of the reverse annuity mortgage loan is not required so long as the borrower, or the last surviving borrower, has not permanently vacated the secured property and no event of default has occurred as provided in the loan documents. The bor…

8.111.407 SECURITY FOR THE LOAN The property pledged as security for the reverse annuity mortgage will be the only source the board has for repayment of the loan; The property pledged as security for the reverse annuity mortgage loan must meet the following requirements: located …

8.111.408 INTEREST RATE The board will set an interest rate for the reverse annuity mortgage program, which rate may be changed by the board. Authorizing statute(s): 90-6-507, MCA Implementing statute(s): 90-6-505, MCA History: NEW, 1990 MAR p. 1783, Eff. 9/14/90.

8.111.409 CASH ADVANCES The board may disburse a portion of the loan amount as a cash advance at closing for any one or more of the following purposes: satisfaction of any liens on the property; necessary repairs to the property; actual loan closing costs, including but not limit…