Neb. Rev. Stat. §§ 58-248

Current with changes through the 2024 First Special Legislative Session

Section 58-248 - Authority; housing projects; adopt rules and regulations

Prior to exercising any of the powers granted under the Nebraska Investment Finance Authority Act regarding housing projects as defined in subdivision (1) of section 58-219, the authority shall adopt rules and regulations governing its activities authorized under the act, including rules and regulations relating to any or all of the following:

(1) Procedures for the submission of requests or invitations and proposals for making loans to mortgage lenders and the investment in, purchase, assignment, and sale of mortgages or mortgage loans;

(2) The reinvestment by mortgage lenders of the proceeds or an equivalent amount from any loan to mortgage lenders or the investment in or purchase by the authority or the assignment or sale of mortgages or mortgage loans to the authority in mortgages or mortgage loans to provide residential housing for low-income or moderate-income persons, particularly first-time homebuyers;

(3) The number of dwelling units, location of the units, and other characteristics of residential housing, including, to the extent reasonably possible, assurance that the residential housing to be financed by an issue of bonds or series of issues will be an adequate mixture of low-income and moderate-income residential housing benefiting particularly first-time homebuyers, as determined by the authority, to be financed directly or indirectly by the authority pursuant to the act;

(4) Rates, fees, charges, and other terms and conditions of originating or servicing loans, mortgages, or mortgage loans in order to protect against realization of an excessive financial return or benefit by the originator or servicer;

(5) The type and amount of collateral or security to be provided to assure repayment of loans made by the authority;

(6) The type of collateral, payment bonds, performance bonds, or other security to be provided for any mortgage loans made by a mortgage lender for construction loans;

(7) The nature and amount of fees to be charged by the authority to provide for expenses and reserves of the authority;

(8) Standards and requirements for the allocation of available money among mortgage lenders and the determination of the maturities, terms, conditions, and interest rates for loans, mortgages, or mortgage loans made, purchased, sold, assigned, or committed pursuant to the act;

(9) Commitment requirements for residential housing financing for low-income and moderate-income persons by mortgage lenders involving money provided directly or indirectly by the authority;

(10) The procedures, standards, commitment requirements, and other matters necessary to offer an effective residential energy conservation loan program; or

(11) Any other matters related to the duties or exercise of the authority's powers or duties under the act.

Neb. Rev. Stat. §§ 58-248

Laws 1983, LB 626, § 48; Laws 1991, LB 253, § 49.