2017 Colorado Revised Statutes
Title 7 - Corporations and Associations
Corporations
Article 49 - Older Housing
§ 7-49-115. Division of housing - assistance
(1) The division of housing of the department of local affairs is hereby authorized to assist individuals and the corporation as to:
(a) The nature, extent, and manner of repairs, remodeling, or rehabilitation financed under this article and the nature, extent, and manner of repairs required to ensure that the dwelling structure will not be structurally unsound and unsafe after such work is completed;
(b) The manner, method, or mode by which the mortgage recipient could undertake all or any portion of the work; and
(c) The progress of the work, including technical assistance regarding the quality of such work.
(2) The corporation may establish rules and regulations providing a schedule of the amount or percentage of the cost or any technical assistance provided by a lender or which may be done under contract to the division of housing of the department of local affairs or by a private firm. Said amount may be included in the loan; except that the total amount to be charged shall not exceed one-half of one percent of the total amount of a loan to finance repair or rehabilitation work only or one-half of one percent of the cost of the repair or rehabilitation work to be undertaken in conjunction with the refinancing of an existing mortgage or the financing of the acquisition of a housing facility.
