S.D. Admin. R. 20:09:01:02

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:09:01:02 - Authority mortgage loan defined

An authority mortgage loan is a mortgage loan authorized by resolution or by a mortgage loan commitment and issued on behalf of the authority to a housing sponsor for the purpose of providing construction financing or long-term financing, or both, for a housing development or to a person or family for residential housing. In addition, the loan is made in whole or in part from the proceeds of sale of the authority's notes or bonds and any other available funds, including a mortgage loan involving participation by the authority with one or more mortgage lenders.

S.D. Admin. R. 20:09:01:02

6 SDR 98, effective 4/6/1980; 10 SDR 4, effective 7/27/1983; 12 SDR 151, 12 SDR 155, effective 7/1/1986; 22 SDR 64, effective 11/12/1995.

General Authority: SDCL 11-11-30, 11-11-128, 11-11-141, 11-11-143, 11-11-180.

Law Implemented: SDCL 11-11-2, 11-11-3(1), 11-11-3(4), 11-11-3(7), 11-11-5(13), 11-11-6, 11-11-7, 11-11-30, 11-11-40, 11-11-110, 11-11-118, 11-11-119, 11-11-129(2), 11-11-134.