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§ 3008. Loans for multiple-tenancy building projects

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: November 1, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part III. Economic Development Programs
Chapter 30. Pennsylvania Industrial Development Program
Effective: November 1, 2014
12 Pa.C.S.A. § 3008
Formerly cited as PA ST 73 P.S. § 306
§ 3008. Loans for multiple-tenancy building projects
Currentness
The authority may contract to loan an amount not to exceed 50% of the cost of establishing a multiple-tenancy building project, subject to the following conditions:
(1) The authority shall determine the interest rate and repayment period of the loan.
(2) The loan must be evidenced by note of the borrower and secured by a first mortgage or participation in a first mortgage on the multiple-tenancy building project.
(3) The authority may contract to loan an amount not to exceed 50% of the cost of the project if the loan is secured by a first mortgage or participation in a first mortgage on the project. If the loan is not secured by a first mortgage or participation in a first mortgage on the project, the authority may contract to loan an amount not to exceed 40% of the cost of the project.
(4) If the loan is secured by a participation in a first mortgage on the project, the authority may permit a portion of its loan, not to exceed 10% of the cost of the project, to be secured by a second mortgage on the project which is second only to the participating first mortgage.

Credits

2014, Oct. 22, P.L. 2569, No. 161, § 8.1, effective Nov. 1, 2014.
12 Pa.C.S.A. § 3008, PA ST 12 Pa.C.S.A. § 3008
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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