Okla. Admin. Code § 90:15-9-2

Current through Vol. 42, No. 7, December 16, 2024

Section 90:15-9-2 - Review of single family bond and mortgage credit certificate programs applications

(a) The Deputy Treasurer for Debt Management may reject single family mortgage bond or mortgage credit certificate program applications that fail to demonstrate a reasonable expectation to use a state ceiling confirmation for its intended purposes. The general criteria and standards for making this determination, as set forth in this section, shall be interpreted and applied to allow sufficient flexibility in the ultimate exercise of the Deputy Treasurer for Debt Management's determination.

(b) A determination of demand for mortgage revenue bond or credit certificate programs shall be based on such factors as:

(1) the dollar volume of prior mortgage revenue bond supported mortgages originated in the geographic area subject to an application over the twenty-four (24) month period preceding the date of application;

(2) the dollar volume of conventional mortgages originated where borrowers received a mortgage credit certificate as well as the dollar volume of mortgage credit certificates committed over the twenty-four (24) period preceding the date of application in the geographic area subject to an application;

(3) the dollar volume of all single-family mortgages originated in the geographic area subject to an application;

(4) the number of renters in an applicant's service area likely to financially qualify for single-family home ownership under the terms of the mortgage revenue bond and credit certificate programs;

(5) the impact of competing, subsidized home ownership programs on demand such as programs of the Farmers Home Administration or outstanding mortgage revenue bond or credit certificate programs in the geographic area subject to an application; and

(6) evidence of lender participation in a proposed single family mortgage revenue bond or mortgage credit certificate program.

(c) After taking into consideration some or all of these factors and the availability of prior allocations for the applicant's purposes, the Deputy Treasurer for Debt Management shall determine if there is a reasonable expectation to use a confirmation of the volume ceiling for its intended purpose during the period in which loans or mortgage credit certificates may be issued pursuant to an application or federal law.

Okla. Admin. Code § 90:15-9-2

Added at 8 Ok Reg 2517, eff 6-27-91; Amended at 12 Ok Reg 1997, eff 7-14-95

Amended by Oklahoma Register, Volume 40, Issue 22, August 1, 2023, eff. 9/11/2023