CHAPTER 2LOAN PROGRAMSGENERAL PROVISIONS2652.1(16) Administrative agents. The authority may contract with an administrative agent or agents to provide origination and servicing of mortgage and temporary loans on behalf of the authority, and to provide a level of services on behalf of the authority as it would customarily provide on mortgage or temporary loans made of its own account.This rule is intended to implement Iowa Code sections 16.5 and 16.5C.Related ARC(s): 1945CTERMS AND CONDITIONS2652.2(16) Interest and fees. The authority may establish fees for its services and shall establish interest on all loans. Such fees and interest shall be based on its estimate of interest cost on its bonds and notes, administrative costs, and reserve requirements.This rule is intended to implement Iowa Code sections 16.5 and 16.5C.Related ARC(s): 1945C2652.3 Amortization. Rescinded IAB 4/3/91, effective 5/8/91.2652.4(16) Loan conditions. The loan to value ratio, maximum loan amount, amortization period, repayment, prepayment, assumption, and assignment terms of a permanent mortgage loan shall be determined by the authority. The terms of a temporary loan, repayment thereof and of partial payment on principal thereof and partial release of security therefor upon the sale of individual housing units (when appropriate) shall also be determined by the authority. All loan conditions shall be stated in a certificate of approval issued by or on behalf of the authority.This rule is intended to implement Iowa Code sections 16.5 and 16.5C.Related ARC(s): 1945C2652.5(16) Security for loans. The authority may take security for any loan. The form of such security may include but not be limited to one or more of the following:
- Promissory note.
- First real estate mortgage.
- Assignment of option.
- Assignment of lease.
- Lien on personal property.
- For eligible costs associated with development activities set forth in the Iowa Code chapter 16,
- For eligible costs associated with development of housing which, in the judgment of the authority, deals innovatively with the housing problems of eligible recipients.