Common use of Structure of Assistance Clause in Contracts

Structure of Assistance. All loans will be recorded as non-recourse junior liens against the property and will be non-amortizing. Loans will be forgiven at a rate of 20% per year such that in year six the loan will be forgiven and the lien removed. The loan will only be repayable if the program participant sells or refinances the property prior to expiration of the lien period, and then only to the extent there is sufficient equity to pay that portion of the loan that has not been forgiven. Loan funds repaid by program participants will be recycled until December 31, 2017. After December 31, 2017, any remaining returned or recaptured funds will be returned to Treasury.

Structure of Assistance. All loans will be recorded as non-recourse junior liens against the property and will be non-amortizing. Loans will be forgiven at a rate of 20% per year such that in year six the loan will be forgiven and the lien removed. The loan will only be repayable if the program participant sells or refinances the property prior to expiration of the lien period, and then only to the extent there is sufficient equity to pay that portion of the loan that has not been forgiven. Loan funds repaid by program participants will be recycled until December 31, 2017. After December 31, 2017, any remaining remaining, returned or recaptured funds will be returned to Treasury.

Structure of Assistance. All loans will be recorded as non-recourse junior liens against the property and will be non-amortizing. Loans will be forgiven at a rate of 20% per year such that in year six (6) the loan will be forgiven and the lien removed. The loan will only be repayable if the program participant sells or refinances the property prior to expiration of the lien period, and then only to the extent there is sufficient equity to pay that portion of the loan that has not been forgiven. Loan funds repaid by program participants will be recycled until December 31, 2017. After December 31, 2017, any remaining returned or recaptured funds will be returned to Treasury.