PART II.  CREDIT ENHANCEMENT THROUGH LOAN LOSS RESERVES

     [§514D-11]  Condominium loan loss reserves program.  (a)  There is established within the authority the condominium loan loss reserves program to incentivize community development financial institutions, in accordance with this part, to provide loans at competitive rates and terms to condominium associations for the purpose of allowing condominium associations to perform maintenance or make necessary repairs.

     (b)  The authority shall use moneys in the condominium loan revolving fund to make deposits into a participating community development financial institution's reserve account in an amount specified by this part to be a source of moneys the participating community development financial institution may receive as reimbursement for losses attributable to loans in the condominium loan loss reserves program. [L 2025, c 296, pt of §19]