§ 7-49-115 — Division of housing - assistance

(1) The division of housing of the
department of local affairs is hereby authorized to assist individuals and the
corporation as to:

(a) The nature, extent, and manner of repairs, remodeling, or rehabilitation
financed under this article and the nature, extent, and manner of repairs required to
ensure that the dwelling structure will not be structurally unsound and unsafe after
such work is completed;

(b) The manner, method, or mode by which the mortgage recipient could
undertake all or any portion of the work; and

(c) The progress of the work, including technical assistance regarding the
quality of such work.

(2) The corporation may establish rules and regulations providing a schedule
of the amount or percentage of the cost or any technical assistance provided by a
lender or which may be done under contract to the division of housing of the
department of local affairs or by a private firm. Said amount may be included in the
loan; except that the total amount to be charged shall not exceed one-half of one
percent of the total amount of a loan to finance repair or rehabilitation work only or
one-half of one percent of the cost of the repair or rehabilitation work to be
undertaken in conjunction with the refinancing of an existing mortgage or the
financing of the acquisition of a housing facility.

Legislative History

Source: L. 75: Entire article added, p. 270, � 1, effective June 29. L. 2004: (1)(b) amended, p. 1405, � 20, effective July 1.