Haw. Code R. § 15-161-51

Current through November, 2024

Section 15-161-51 - Yield on mortgage loans

Mortgage loans sold to the corporation shall bear interest at a rate and be sold the corporation at a price which in the aggregate shall produce a yield to the corporation on the mortgage loans sufficient to:

(1) Pay interest on the related issue of the authority'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 the yield on the mortgage loans shall not exceed 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 applicable, and the applicable regulations promulgated by the United States Department of the Treasury.

Haw. Code R. § 15-161-51

[Eff OCT 25 1999] (Auth: HRS § 2016-187) (Imp; HRS §§ 2016-188, 2016-189, 2016-190)