Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 30 - SINGLE FAMILY HOME IMPROVEMENT LOAN PROGRAMS
Section 346-30-9 - Financing Standards

A. Documents Evidencing Obligations of Recipients and Beneficiaries. Recipients and Beneficiaries shall execute the documents MSHA determines are necessary or in its best interest including, without limitation and as applicable, affidavits; grant agreements; promissory notes; mortgage and security agreements; financial assistance agreements; declarations of covenants, conditions, and restrictions; financing statements; regulatory agreements; escrow agreements; and certifications.

B. Fees. MSHA may limit Recipient, consultant, and other fees that MSHA finds in its discretion are excessive or inappropriate.

C. Loan Insurance. MSHA may require private mortgage insurance or loan insurance or guarantees from the federal government.

D. Property Insurance. MSHA may require evidence of fire, hazard, extended coverage, and liability insurance acceptable to MSHA and such other insurance as MSHA in its discretion may reasonably require, all containing the standard Maine mortgagee clause with loss payable to MSHA.

E. Title Insurance. MSHA may require a lender's title insurance policy or title search.

F. MSHA Legal Opinion. MSHA may require a legal opinion regarding the Applicant's legal status and authority to receive the financing.

G. Escrows. Programs may require the establishment of rehabilitation or other escrows in an amount and on terms established by MSHA.

H. Prepayment. MSHA may prohibit prepayment of loans, impose restrictions on prepayments, or impose charges in the event of prepayments in compliance with applicable laws.

I. Fair Housing and Accessibility. An Applicant or Recipient may be required to certify to its familiarity and compliance with the Federal Fair Housing Act, Title VIII of the Civil Rights Act of 1968, as amended by the Fair Housing Amendments Act of 1988; the Maine Human Rights Act, Subchapters IV and V; Section 504 of the Rehabilitation Act of 1973; and Title III of the Americans with Disabilities Act of 1990.

J. Fees. MSHA may charge application fees, commitment fees, financing fees, and escrow administration fees provided such fees are described in the applicable Program Guide. MSHA may also pay fees to a Recipient or another party for administration of Program requirements in accordance with a Program Guide.

K. Other Requirements. Recipients and Beneficiaries shall satisfy such other requirements as MSHA, in its discretion, determines are prudent.