Emergency mortgage assistance shall be provided under the following general guidelines:

(1) Loans provided under the program shall not exceed an amount equal to twenty-four months of mortgage payments.

(2) The maximum loan amount allowed under the program shall not exceed twenty thousand dollars.

(3) Loans shall be made to applicants who meet specific income guidelines established by the department.

(4) Loan payments shall be made directly to the mortgage lender.

(5) Loans shall be granted on a first-come, first-served basis.

(6) Repayment of loans provided under the program shall be made to eligible local organizations, and must not take more than twenty years. Funds repaid to the program shall be used as grants or loans under the provisions of RCW * 43.63A.600 through 43.63A.640.

*Reviser's note: RCW 43.63A.600 was repealed by 1995 c 226 § 35, effective June 30, 2001.

Effective date—1994 c 114: "This act shall take effect July 1, 1994." [ 1994 c 114 § 6.]

Intent—1991 c 315: See note following RCW 28B.50.030.

Conflict with federal requirements—1991 c 315: See RCW 50.70.901.