Section 10-105 – Chair
The Governor shall appoint one of the trustees to serve as chair of the Board.
Section 10-106 – Quorum
(a) A quorum is a majority of the voting trustees then serving on the Board. (b) The Board may act with a majority vote of a quorum of the Board.
Section 10-107 – Debts, Obligations, Liabilities, Corporate Earnings, and Assets
(a) The debts, obligations, and liabilities of the Trust are those of the Trust only and are not: (1) a pledge of the State’s credit; or (2) those of the State or its officers, employees, or governmental units. (b) (1) The net earnings of the Trust may not inure to the benefit of a trustee, officer, or private person. (2) A […]
Section 10-108 – Awards
The Board shall: (1) receive applications for awards from the Trust; (2) make the final decisions about awards; and (3) develop a process for making awards that encourages a broad geographic distribution of money.
Section 10-109 – Effect of Other Laws
(a) The Board shall comply with the Maryland Public Ethics Law. (b) The Board is exempt from: (1) taxation by the State or its political subdivisions; (2) the General Procurement Law provisions of Division II of the State Finance and Procurement Article; and (3) the Administrative Procedure Act, Title 10, Subtitles 1 through 4, of the State Government Article.
Section 10-110 – Audit; Reports
(a) The books and records of the Trust are subject to audit: (1) by the State, at the State’s discretion; and (2) annually by an independent auditor approved and paid by the Trust. (b) (1) Within the first 90 days of each fiscal year, the Board shall report to the Governor and, subject to § 2–1257 of the State Government […]
Section 10-201 – Established
There is a Maryland Affordable Housing Trust Fund.
Section 10-202 – Purposes of Fund
(a) The Board shall use the Fund to make awards to: (1) help acquire, build, rehabilitate, or preserve affordable housing; (2) help nonprofit organizations develop affordable housing; and (3) help promote affordable housing by contributing to pay the operating expenses of housing developments. (b) In any fiscal year, the Board may use up to 5% of the Fund to pay […]
Section 10-203 – Status
The State Treasurer shall hold and the Comptroller shall account for the Fund.
Section 10-204 – Composition
The Fund consists of: (1) money that the Board receives from any public or private source, including a gift, grant, or legacy; (2) interest earned on Trust accounts held by title insurers and their agents under § 22–105 of the Insurance Article; (3) investment earnings of the Fund; and (4) repayments of principal or payments of interest on loans […]