Title 7
SECTION 3550.113
3550.113 Rates and terms (loans only).
§ 3550.113 Rates and terms (loans only).(a) Interest rate. The interest rate for all section 504 loans will be 1 percent.
(b) Loan term. The repayment period for the loan should generally be as short as possible based on the applicant's repayment ability, and may never exceed 20 years; however loans made in combination with grants must have a term of 20 years.