§ 4-225. Financing procedures -- In general

   (a) Recipients of financial assistance. -- The Administration shall administer a program of financial assistance for:

   (1) community development projects;

   (2) energy conservation projects;

   (3) home improvement projects;

   (4) public purpose projects;

   (5) solar energy projects; and

   (6) special housing facilities.

(b) Sources of money. -- The Administration shall provide financial assistance for projects and facilities under this section with money that the Administration can get for them from any source, including:

   (1) payments under federal law;

   (2) bonds or notes issued by the Administration;

   (3) bonds or notes issued by the State; and

   (4) mortgage-backed securities and proceeds of investments in them.

(c) Mortgage required. -- A loan for a home improvement project having a principal balance exceeding $ 5,000 shall be secured by a mortgage.

(d) Consent to modify agreements -- Authority of Administration. -- Subject to an agreement with noteholders or bondholders, the Administration may consent that a loan, loan commitment, or agreement to which the Administration is a party be modified as to:

   (1) the interest rate;

   (2) the time of payments of an installment of principal or interest;

   (3) security; or

   (4) any other term.

HISTORY: An. Code 1957, art. 83B, § 2-204(15)(i); 2005, ch. 26, § 2.