Structure of Assistance. Funding from the Program will be structured as a five-year non- recourse, zero-percent forgivable, non-amortizing loan in which a second lien is recorded on the property. Twenty percent of the loan will be forgiven for each year it is outstanding. If property is sold or refinanced prior to the loan termination date, funds will be recovered should sufficient equity be available from the transaction. Recovered funds will be recycled in order to provide additional program assistance until December 31, 2017, at which time any recovered funds will be returned to Treasury.
Appears in 8 contracts
Samples: Hfa Participation Agreement, Hfa Participation Agreement, Hfa Participation Agreement
