§206E-110  Reserved housing loan programs;
procedures and requirements.  (a)  The authority shall establish procedures
for:



(1)  The submission of requests or the invitation of
proposals for loans to mortgage lenders;



(2)  The purchase of existing loans by auction,
invitation of tenders, or negotiation;



(3)  The making of advance commitments to purchase and
the purchasing of eligible loans or eligible project loans to be made by
mortgage lenders by auction, invitation of tenders, or negotiation; and



(4)  Loan applications made through mortgage lenders
to eligible borrowers or qualified sponsors.



(b)  The authority shall establish standards
and requirements for:



(1)  The allocation of loans to mortgage lenders;



(2)  The allocation of funds to purchase existing
loans from mortgage lenders;



(3)  The making of advance commitments and allocation
of funds to purchase eligible loans or eligible project loans from mortgage
lenders; and



(4)  The participation by mortgage lenders as
originators and processors of eligible loans or eligible project loans on
behalf of the authority.



(c)  The standards and requirements for the
allocation of funds to mortgage lenders adopted by the authority shall be
designed to include the maximum number of qualified mortgage lenders as
participants in the reserved housing loan programs.



(d)  The authority may adopt rules necessary or
convenient for the operation of the reserved housing loan programs under this
part. [L 1982, c 228, pt of §8]