{"data":{"id":"us-pa/12-pa.c.s.-3008","jurisdiction":"us-pa","citation":"12 Pa.C.S. § 3008","heading":"Loans for multiple-tenancy building projects.","body":"The authority may contract to loan an amount not to exceed 50% of the cost of establishing a multiple-tenancy building project, subject to the following conditions:\n(1) The authority shall determine the interest rate and repayment period of the loan.\n(2) The loan must be evidenced by note of the borrower and secured by a first mortgage or participation in a first mortgage on the multiple-tenancy building project.\n(3) The authority may contract to loan an amount not to exceed 50% of the cost of the project if the loan is secured by a first mortgage or participation in a first mortgage on the project. If the loan is not secured by a first mortgage or participation in a first mortgage on the project, the authority may contract to loan an amount not to exceed 40% of the cost of the project.\n(4) If the loan is secured by a participation in a first mortgage on the project, the authority may permit a portion of its loan, not to exceed 10% of the cost of the project, to be secured by a second mortgage on the project which is second only to the participating first mortgage.","path":["Title 12 - COMMERCE AND TRADE","PART III ECONOMIC DEVELOPMENT PROGRAMS","CHAPTER 30 PENNSYLVANIA INDUSTRIAL DEVELOPMENT PROGRAM"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=12\u0026div=0\u0026chpt=30\u0026sctn=8\u0026subsctn=0","current_through":"2026-08-31 (Statute Update stamp, 12 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:30:58Z","sha256":"b4808d68f3c2f298e0526e8255992dfca93715f52e9c8499fd06a881ad436d7f","source_id":"us-pa","stale":false,"prev":"us-pa/12-pa.c.s.-3007","next":"us-pa/12-pa.c.s.-3009"},"notice":"GroundRules: Original legal text. Not legal advice."}