- (1) There is created a $500,000 loan loss reserve fund to be used to secure the loan guarantees issued by the Division. The total amount of the Division's loan guarantees under this pilot program may not exceed $500,000.
(2) Division loan guarantees shall not exceed the:
- (a) lesser of 75% of the loan amount or $50,000 per basement low-income ADU loan;
- (b) lesser of 50% of the loan amount or $50,000 per garage low-income ADU loan; or
- (c) lesser of 25% of the loan amount or $50,000 per detached low-income ADU loan.
KEY: Single family housing modifications, accessory dwelling units
Date of Last Change: February 22, 2022
Authorizing, and Implemented or Interpreted Law: 35A-8-504.5