Any lender is authorized to make loans secured by shares in a cooperative affordable housing corporation, including limited equity cooperatives. For purposes of Title 9‑A, section 1‑202, subsection (8), a loan secured by shares of a cooperative affordable housing corporation must be considered a loan secured by a mortgage on real estate.
Me. Rev. Stat. tit. 13, § 1759
Loans
Known as the Maine Cooperative Affordable Housing Ownership Act
The act spans §§ 1741 to 1764 (24 sections).
PL 1993, c. 300, §1 (NEW).
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.