[§201H-152]  Mortgage guarantee agreements. (a)  To induce appropriate officials of any agency or instrumentality of theUnited States to commit to insure and to insure mortgages under the provisionsof the United States Housing Act of 1937, as amended, the corporation may enterinto guarantee agreements with those officials whenever:

(1)  The purchaser-mortgagor in question is ineligiblefor mortgage insurance purposes under the United States Housing Act of 1937, asamended, because of credit standing, debt obligation, or incomecharacteristics;

(2)  The purchaser-mortgagor in question is a"displaced person" as defined in chapter 111 and the guaranteeagreement will enable the purchaser-mortgagor to obtain suitable replacementhousing in accordance with chapter 111; or

(3)  The corporation finds that thepurchaser-mortgagor would be a satisfactory credit risk with ability to repaythe mortgage loan if the purchaser-mortgagor were to receive budget, debtmanagement, and related counseling.

(b)  Guarantee agreements under subsection (a)may obligate the corporation to:

(1)  Provide or cause to be provided counseling undersubsection (a)(3); and

(2)  Indemnify an agency or instrumentality of theUnited States for a period not to exceed five years for any loss sustained bythe agency or instrumentality by reason of insurance of a mortgage.

(c)  The total of guarantees made pursuant tothis section and guarantees made pursuant to section 201H-151 shall not exceed$10,000,000. [L 2006, c 180, pt of §4]