Section 3560.566 - Loan and grant rates and terms(a)Amortization period. The loan will be amortized over a period not to exceed 33 years. The amortization schedule will take into account the depreciation of the security and ensure that the loan will be adequately secured.(b)Interest rate. The effective interest rate will be 1 percent.(c)Term of grant agreement. The grant agreement will remain in effect for as long as there is a need for the housing, as determined by the Agency.(d)Grant period of performance. The grant period of performance is five (5) years, which starts on the date the grant agreement is executed by both the Agency and the grantee and ends five (5) years from the date the grant agreement was executed by both the Agency and the grantee. 69 FR 69106 , Nov. 26, 2004, as amended at 89 FR 85037 , Oct. 25, 2024 As amended at 89 FR 85037 , 10/25/2024