Board of Housing has $30 million for loans

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By The Associated Press

Story Published: Aug 19, 2008 at 7:27 PM MDT

Story Updated: Aug 19, 2008 at 7:27 PM MDT

HELENA - The Montana Board of Housing says it has $30 million available for home loans for low and moderate income first-time home buyers.

The money will be loaned at 6.25% interest. Earlier this year, MBOH was unable to sell bonds at a rate lower than the market mortgage rate because of the effects of the subprime loan crisis on financial markets.

A new law passed by Congress excluded interest income from MBOH bonds from the alternative minimum tax, which made the bonds attractive to a wider group of investors.

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