Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately provide for more residential development loans, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Paragraph 11 of subsection B of section 2 of chapter 167E of the General Laws, as appearing in the 1986 Official Edition, is hereby amended by striking out the first paragraph and inserting in its place the following paragraph:-

A mortgage loan upon two or more parcels of real estate contained within a single project being developed by one owner, for the purpose of financing the construction of a dwelling and appurtenances designed to be occupied by not more than four families upon each such parcel. Such mortgage loan shall not exceed seventy-five per cent of the aggregate estimated completed value of the parcels of land and structures thereon securing the mortgage, or four hundred thousand dollars with respect to each such parcel and structures thereon, whichever amount is the lesser. Each mortgage loan of this class shall be payable not more than three years from the date of the note.