Common use of Loan Subsidy Fund Clause in Contracts

Loan Subsidy Fund. The Bank will invest a minimum of $1.12 million in a special loan subsidy fund to be used during the term of this Agreed Order to increase the amount of credit that the Bank extends to residents in majority-Black census tracts in Indianapolis-Xxxxxx County for home mortgage loans, home improvement loans, and home refinances. No more than twenty-five percent of the special loan subsidy fund can be used for home refinances. The loan subsidy fund may be used for down payment assistance, closing cost assistance, mortgage insurance premiums, and any other appropriate assistance measures approved by the United States in writing.

Loan Subsidy Fund. The Bank will invest a minimum of $1.12 million in a special loan subsidy fund to be used during the term of this Agreed Order to increase the amount of credit that the Bank extends to residents in majority-Black census tracts in Indianapolis-Xxxxxx Marion County for home mortgage loans, home improvement loans, and home refinances. No more than twenty-five percent of the special loan subsidy fund can be used for home refinances. The loan subsidy fund may be used for down payment assistance, closing cost assistance, mortgage insurance premiums, and any other appropriate assistance measures approved by the United States in writing.