La. Admin. Code tit. 48 § VII-713

Current through Register Vol. 50, No. 9, September 20, 2024

Section VII-713 - Bridge Loans

A. Bridge loans are restricted, short-term loans to private, non-profit chartered organizations in an amount equal to anticipated or quoted security deposits and first month rent. Bridge loans are for the purpose of having funds available at the time of consummating a lease arrangement for a recovery home under sponsorship of that organization.

B. Restrictions on Bridge Loans

1. Private, chartered, non-profit corporations which have been in existence three months or more prior of the date of application for the loan.

2. Ninety-day payback

3. Maximum amount limited to $2,000 for each loan applied for, to cover security, rental and other deposits, lease costs, and for basis furnishings required for occupancy

4. Non-interest bearing

5. Application for loan must state "Bridge Loan"

La. Admin. Code tit. 48, § VII-713

Promulgated by the Department of Health and Hospitals, Division of Alcohol and Drug Abuse, LR 15:1083 (December 1989), amended LR 17:604 (June 1991).

AUTHORITY NOTE: Promulgated in accordance with R.S. 28:771 and R.S. 36:258(E)(3).