7 CFR 1776.15: Terms of loans.

(a) DWS loans under this part—

(1) Shall have an interest rate of 1 percent;

(2) Shall have a term not to exceed 20 years; and

(3) Shall not exceed $15,000 for each water well system or decentralized wastewater system described in § 1776.1.

(b) The grant recipient must set forth the DWS loan terms in written documentation signed by the loan recipient.

(c) Grant recipients must develop and use DWS loan documentation that conforms to the terms of this part, the grant agreement, and the laws of the state or states having jurisdiction.

(d) The Agency will determine the maximum subgrant limit for each DWS applicant.

(e) The applicant will determine subgrant funding levels to individual subgrantees based on established criteria described in the workplan.