Section 26-C2910. LOAN PARTICIPATION PROGRAM

Latest version.

2910.1The Loan Participation Program shall purchase participation interests in loans, including principal and interest, made by an Eligible Lender to certain Eligible Recipients that exhibit short-term cash flow deficiencies or lack equity or sufficient collateral resources.

2910.2DISB may purchase up to fifty percent (50%) of the loan amount but no more than one million dollars ($1,000,000). The maximum term of an Enrolled Loan shall not exceed seven (7) years. DISB may purchase participation interests at subsidized interest rates or may assume a subordinated lien position in the event of default.

authority

Section 105(c) of the 21st Century Financial Modernization Act of 2000, effective June 9, 2001 (D.C. Law 13-308; D.C. Official Code § 26-551.05(c) (2012 Repl.)).

source

Final Rulemaking published at 61 DCR 9181 (September 5, 2014).

                    
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