La. Admin. Code tit. 71 § III-501
Disbursement of Funds to Mortgage Lenders - commitments should be made to mortgage lenders and mortgage lenders should make commitments only to individuals who qualify as purchasers and who have entered into bona fide purchase agreements, except that commitments may be made to builders, not exceeding 40 percent of the total loanable funds of the program.
Expropriation - except as may be found to be in conflict with the provisions of any applicable trust indenture of any authority issuing mortgage revenue bonds, any mortgagor having financed a home under a mortgage revenue bond program whose home is expropriated may, at his option, be transferred to a replacement residence at the same interest rate and maturity as his existing mortgage under the mortgage revenue bond program.
Loan Rates - a process blending the authority funds with the lending institution's conventional funds should be implemented which would provide higher mortgage interest rates to higher income mortgagors, subject to the limitations as set forth in Rules Number 2 and 3.
Maximum Income of Mortgagors - the maximum adjusted gross family income for mortgagors in the programs should not exceed $40,000.
Maximum Mortgage Amount and Maximum Purchase Price - the maximum mortgage amount should not exceed $75,000 and the maximum purchase price should not exceed $95,000. Where a duplex, triplex, or four-plex is concerned the maximum mortgage amount shall not exceed $150,000.
Participation by Lending Institutions - there should be participation in the program by existing lenders who are qualified and doing business in Louisiana . The allocation of program amounts to these lenders should be basically in proportion to the business they do in the area in which the loans are to be made.
Public Purpose - the public purposes for which mortgage revenue bonds should be offered are to provide increased home ownership opportunities for low and moderate income persons and for revitalization of declining areas. It is further the intent that individual mortgagors benefiting from mortgage revenue bond programs shall intend to permanently reside in the home financed in order to encourage family residences.
Refinancing of Loans - no loans should be made for refinancing, except:
Special Consideration for Larger Families - larger families should be encouraged to participate in the program by permitting such families to make mortgage loans irrespective of their income category, provided the maximum permissible income level for that program is not exceeded.
La. Admin. Code tit. 71, § III-501