Sec. 05.04.09.10. Deferred Loans

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A. In addition to the conditions and requirements of Regulations .07-----.09 of this chapter, deferred loans shall comply with the requirements of B-----D of this regulation.

B. Deferrals. The loan documents may provide for deferred payments of principal or interest or both principal and interest.

C. Term. The loan documents shall provide for repayment of deferred amounts at:

(1) The earliest possible date established by the Department;

(2) A sale or other transfer of the property or an interest in the property;

(3) Discontinuance of use of the property as a group home; or

(4) Maturity of the loan.

D. The Department may, but need not, charge interest on deferred interest payments.

                    
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