§ 45-33.3-2 - Terms and conditions of loans. - Rhode Island Statutes

SECTION 45-33.3-2

   § 45-33.3-2  Terms and conditions of loans.– Loans made by a housing authority or redevelopment agency pursuant to thischapter may be secured or unsecured, and may be in an amount, payable on a dateor dates, bear interest at a rate or rates, and otherwise have terms andconditions relating to the loans, and to the lower income housing projectfinanced by the loans, as the housing authority or redevelopment agencydetermines or as may be required by the housing development grant for theproject. The proceeds of the loan shall be applied to costs of the lower incomehousing project not funded by the housing development grant, and to other costsof the project, the making of the loan, the issuance of bonds, as provided inthis chapter, and the funding and maintenance of reserves to secure the loan orbonds as the housing authority or redevelopment agency determines. Any housingauthority and any redevelopment agency is authorized to accept securityinterests and mortgages in personal property and real estate to secure loansmade or bonds issued under this chapter, and is empowered to exercise all ofthe rights of a secured party or mortgagee with respect to the security.