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(a) The maximum repayment period for a HELP loan shall be 20 years or three-fourths of the economic life of the property, whichever is less.
(b) Subject to budgetary and fiscal limitations, and approval of the Chief Administrative Officer, payments on a HELP loan may not be required to commence prior to completion of the improvements for which such loan is made; provided, that payments shall begin no later than six months after an initial disbursement from proceeds of the loan. The monthly payment due under the loan shall be adjusted to insure repayment of the principal and interest due on the loan within the time required by Paragraph (a) of this Section.
(Added by Ord. 482-80, App. 10/17/80)