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H-1 - Family Housing Act

Section 5
Disposition versions

Full text
5. Subject to the other provisions of this Act, the credit unions and loan societies are authorized to lend up to 95% of the first $13,000 of the real value of any new dwelling, including the land, and up to 70% of the excess. The real value of the building and the land shall be determined by the credit union or loan society which makes the loan but shall not exceed the cost thereof.
These loans may be made for a period not exceeding thirty-five years.
R. S. 1964, c. 110, s. 3; 1966-67, c. 43, s. 4.
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