HAR §15-312-50
HAR §15-312-50. Yield on mortgage loans
Cite as Haw. Code R. § 15-312-50
Mortgage
loans financed, funded or made by the corporation
under this chapter shall bear interest at a rate which
shall produce a yield to the corporation on the
mortgage loans sufficient to:
(1)
Pay interest on the related issue of the
corporation's bonds;
(2)
Provide adequate reserves, if any, for the
holders of the bonds; and
(3)
Cover the operating costs of the corporation
of the program;
provided the yield on the mortgage loans shall not
exceed the maximum allowed pursuant to Section 103(c)
of the Internal Revenue Code of 1954, as amended, or
any successor statute thereto, and the applicable
regulations promulgated by the United States
Department of the Treasury.
[Eff 4/23/2010;
comp
JAN 1 5 2022
] (Auth:
HRS §201H-97)
(Imp:
HRS
§§201H-98, 201H-99, 201H-100)
312-14
l'
I l
I
§15-312-40
§§15-312-31 to 15-312-32
(Reserved).
SUBCHAPTER 5
PURCHASE OF EXISTING LOANS PROGRAM
$15-312-40
Purpose.
The purpose of this program
is to provide funds to mortgage lenders to be used to
make eligible project loans.
The funding shall be
based on an agreement by mortgage lenders to deliver a
specified amount of existing loans and mortgage
lenders shall use the funds to originate eligible
project loans.
[Eff 4/23/2010; comp
JAN 1 5 2022
(Auth:
HRS S201H-97) (Imp:
HRS §201H-104)
SS15-312-41 to 15-312-42
(Reserved).
SUBCHAPTER 6
MISCELLANEOUS PROVISIONS
$15-312-50
Yield on mortgage loans.
Mortgage
loans financed, funded or made by the corporation
under this chapter shall bear interest at a rate which
shall produce a yield to the corporation on the
mortgage loans sufficient to:
(1) Pay interest on the related issue of the
corporation's bonds;
(2) Provide adequate reserves, if any, for the
holders of the bonds; and
(3) Cover the operating costs of the corporation
of the program;
provided the yield on the mortgage loans shall not
exceed the maximum allowed pursuant to Section 103(c)
of the Internal Revenue Code of 1954, as amended, or
any successor statute thereto, and the applicable
regulations promulgated by the United States
Department of the Treasury.
[Eff 4/23/2010;
comp
JAN 1 5 2022
]
(Auth:
HRS §201H-97) (Imp:
HRS
SS201H-98, 201H-99, 201H-100)
312-14