Sec. 19. (a) The authority shall establish the
interest rate or parameters for establishing the interest rate on each loan made under this chapter, including parameters for establishing the amount of interest subsidies.
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Terms Used In Indiana Code 5-1.2-15.5-19
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- program: refers to the residential housing infrastructure assistance program established by section 8 of this chapter. See Indiana Code 5-1.2-15.5-5
(1) Credit risk.
(2) Affordability.
(3) Other fiscal factors the authority considers relevant, including the program‘s cost of funds and whether the financial assistance provided to a particular participant is taxable or tax exempt under federal law.
Based on the factors set forth in subdivisions (1) through (3), more than one (1) interest rate may be established and used for loans to different participants or for different loans to the same participants.
As added by P.L.204-2023, SEC.5.
