Interim construction financing for multifamily housing
(1) The Housing and Community Services Department may participate with a lending institution in providing interim construction financing for multifamily housing projects. Subject to the discretion of the department, such financing need not be insured or guaranteed.
(2) As used in this section, “multifamily housing” means, but is not limited to, projects which provide four or more living units, which projects may provide spaces for common use by the occupants in social and recreational activities. Projects under this section may include such other nonhousing facilities incidental or appurtenant to the project as the department determines improve the quality of the housing and the financial feasibility of the project, provided that not more than 50 percent of the total amount of financing provided by the department for a particular multifamily housing project shall be used for such nonhousing facilities. [1979 c.327 §27; 1981 c.504 §10; 1993 c.1 §1; 1997 c.302 §2]
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