(a) HWWS 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 $11,000 for each household water well system.
(b) The grant recipient must set forth the HWWS loan terms in written documentation signed by the loan recipient.
(c) Grant recipients must develop and use HWWS loan documentation that conforms to the terms of this part, the grant agreement, and the laws of the state or states having jurisdiction. [70 FR 28788, May 19, 2005, as amended at 73 FR 68295, Nov. 18, 2008]