R982-502-9. Loan Loss Reserve Fund

(1) There is created a $500,000 loan loss reserve fund to be used to secure the loan guarantees issued by the Division. The total amount of the Division's loan guarantees under this pilot program may not exceed $500,000. (2) Division loan guarantees shall not exceed the: (a) lesser of 75% of the loan amount or $50,000 per basement low-income ADU loan; (b) lesser of 50% of the loan amount or $50,000 per garage low-income ADU loan; or (c) lesser of 25% of the loan amount or $50,000 per detached low-income ADU loan.