Homeowner's Emergency Mortgage Assistance Program (HEMAP); Interest Rate for HEMAP Loans Closed in 2016

[45 Pa.B. 7348]
[Saturday, December 26, 2015]

 Under section 406-C of the Housing Finance Agency Law (35 P. S. § 1680.406c), the Housing Finance Agency (Agency) is to determine prior to the end of each calendar year the rate of interest for Homeowner's Emergency Mortgage Assistance Program (HEMAP) loans closed in the next calendar year, which rate is not to exceed the rate of interest established by the Department of Banking and Securities under section 301 of the act of January 30, 1974 (P. L. 13, No. 6) (41 P. S. § 301), referred to as the Loan Interest and Protection Law, and referred to commonly as the Usury Law.

 The Agency has determined that the rate of interest for HEMAP loans closed during calendar year 2016 shall be 4.75%.

 This notice shall take effect December 14, 2015.

Executive Director

[Pa.B. Doc. No. 15-2287. Filed for public inspection December 24, 2015, 9:00 a.m.]

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