CHAPTER 631
H.P. 1533 - L.D. 2036
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 30-A MRSA §4907, sub-§1, as amended by PL 1997, c. 491, §1, is further amended to read:
1. Limitations on amount of outstanding principal. The Maine State Housing Authority may not at any time have an aggregate principal amount outstanding, in excess of $1,650,000,000 $2,150,000,000 of mortgage purchase bonds secured by the Housing Reserve Fund or a Capital Reserve Fund to which section 4906, subsection 3, paragraph A applies. Mortgage purchase bonds of the Maine State Housing Authority secured by capital reserve funds to which section 4906, subsection 3, paragraph A does not apply, bond or mortgage insurance, direct or indirect contract with the United States, purchase or repurchase agreement of guaranty with a banking or other financial organization or other credit arrangements securing the bonds may be issued up to $100,000,000 per calendar year in an aggregate principal amount outstanding at any time not to exceed $300,000,000.
Sec. 2. Maine State Housing Authority to adopt policy. The Maine State Housing Authority, referred to in this section as "MSHA," shall adopt a policy to prohibit the owner of a former MSHA-financed multifamily housing project from participating in MSHA programs funded with bond proceeds backed by the State's moral obligation if the owner defaulted under the MSHA financing, resulting in a foreclosure or acceptance of a deed in lieu of foreclosure of the mortgage securing the MSHA financing. The policy may allow a waiver of the policy for public policy reasons. The waiver must be in writing, be signed by the director of MSHA and state the justification for the waiver.
Effective July 25, 2002, unless otherwise indicated.
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