99.893. Financial assistance may be provided by urban homesteading agency--loans to be secured by mortgage--right of assignment of mortgage. - Missouri Statutes

Financial assistance may be provided by urban homesteadingagency--loans to be secured by mortgage--right of assignment ofmortgage.

99.893. 1. An urban homesteading agency may providefinancial assistance to urban homesteaders for the purchase andrehabilitation of, or construction on, urban homestead programproperty. Such financial assistance may be in the form of grantsor loans for a municipal housing authority formed pursuant tothis chapter, and in the form of loans for other urbanhomesteaders. All such loans, if made by the urban homesteadingagency, shall be secured by a mortgage naming the municipality asthe mortgagee, provided if any such loans are made from fundsprovided by the state or federal government or any other publicor private entity, the state or federal government or the publicor private agency may be the mortgagee, and provided further thata municipality may assign any such mortgage to another entity.

2. An urban homesteading agency may utilize federal, stateor other public or private financial assistance, provided thatany such assistance requiring local financial participation shallbe first approved by the governing body of the municipality.

(L. 1992 H.B. 1434 & 1490 § 7 subsecs. 1, 2)