HAR §15-314-40
HAR §15-314-40. Yield on mortgage loans
Cite as Haw. Code R. § 15-314-40
Mortgage loans sold
to the corporation shall bear interest at a rate and be sold to
the corporation at a price that in the aggregate is expected to
produce a yield to the corporation on the mortgage loans
sufficient to:
(1)
Pay interest on the related issue of the issuing
corporation's bonds;
(2)
Provide adequate reserves, if any, for the holders of
the bonds; and
(3)
Cover the operating costs of the corporation for the
program;
provided that the yield on the mortgage loans shall not exceed,
as applicable, the maximum permitted by applications of the
provisions of section 103A(i) or section 103(c) of the Internal
Revenue Code of 1954, as amended, or section 143(g) of the
Internal Revenue Code of 1986, as amended, and the applicable
regulations promulgated by the United States Department of the
Treasury.
[Eff
MAY 2 3 2025
]
(Auth:
HRS §201H-97)
(Imp:
HRS §§201H-98, 201H-99, 201H-100)