68:02:01:48Loan term and amortization.

The maturity of a loan and amortization of payments are as follows: (1) For a project consisting solely of multifamily housing, a maturity date up to thirty years from the date of loan closing, with payments amortized over not more than thirty years; and (2) For all other loans, a maturity date of up to five years from the date of loan closing, with payments amortized over not more than twenty years. However, upon an affirmative vote of two-thirds of the board members present and voting, loans for projects other than multifamily housing may be made with a maturity date up to ten years from the date of loan closing, with payments amortized over not more than twenty years.

Source: 34 SDR 68, effective September 13, 2007; 39 SDR 16, effective August 6, 2012; 46 SDR 123, effective May 12, 2020; 52 SDR 49, effective November 17, 2025.