HRS §206E-118
Agreements to buy eligible loans ahead of time
This section lets the housing authority make contracts with mortgage lenders to promise to buy certain loans in advance. The contract can include terms the authority thinks are needed to protect its bond money.
borrowersmortgage lenders
The statute, as written — Advance commitments program
(a) The authority may contract with a mortgage lender for the advance commitment to purchase eligible loans or eligible project loans. (b) The contract may contain provisions as determined by the authority to be necessary or appropriate to provide security for its revenue bonds.
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