H-1 - Family Housing Act

Section 3 Disposition versions

1999-10-22

3. The Government may, on the recommendation of the Société and whenever it deems it expedient by reason of the increased cost of borrowed money, guarantee and pay part of the interest exacted by the lender, computed at the rate of 3% per annum even though the interest so exacted exceeds the annual rate of 5%, provided it does not exceed that of 7 1/4%, and this up to a capital sum of not more than $7,000 in the case of a self-contained dwelling and $12,000 in the case of a two-unit dwelling.

The preceding paragraph shall apply:

(a)  to the renewal or prolongation, after maturity, of any loan granted on or before 1 June 1966 and which until such date profited by the government’s contribution of interest authorized by this Act;

(b)  to any new loan granted after 1 June 1966 by a society within the meaning of paragraph e of section 1 and which meets the requirements of the other provisions of this Act.

1966-67, c. 43, s. 3; 1966-67, c. 55, s. 75; 1999, c. 40, s. 144.

1977-12-31

3. The Government may, on the recommendation of the Corporation and whenever it deems it expedient by reason of the increased cost of borrowed money, guarantee and pay part of the interest exacted by the lender, computed at the rate of 3% per annum even though the interest so exacted exceeds the annual rate of 5%, provided it does not exceed that of 71/4%, and this up to a capital sum of not more than $7 000 in the case of a self-contained dwelling and $12 000 in the case of a two-unit dwelling.

The preceding paragraph shall apply:

(a)  to the renewal or prolongation, after maturity, of any loan granted on or before 1 June 1966 and which until such date profited by the government’s contribution of interest authorized by this Act;

(b)  to any new loan granted after 1 June 1966 by a society within the meaning of paragraph e of section 1 and which meets the requirements of the other provisions of this act.

1966-67, c. 43, s. 3; 1966-67, c. 55, s. 75.