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 […]
Section 10-205 – Solicitation of Money
The Board may solicit money for the Fund from any source.
Section 10-206 – Investment of Fund
Money in the Fund shall be invested in the same way as other State money.
Section 10-301 – Liberal Construction
This title shall be liberally construed to accomplish its purposes.
Section 10-102 – Trust Established
(a) There is a Maryland Affordable Housing Trust. (b) (1) The Trust is an instrumentality of the State and is a body corporate and politic. (2) The exercise by the Trust of its powers under this title is an essential public function. (c) The purpose of the Trust is to make affordable housing more available throughout the State. (d) The Department […]
Section 10-103 – Board Established
(a) There is a Board of Trustees of the Trust. (b) The Board shall control the Trust and exercise all of the corporate powers of the Trust.
Section 10-104 – Membership
(a) (1) The Board consists of 14 trustees. (2) The nonvoting trustees are: (i) the Secretary; (ii) a member of the House of Delegates, appointed by the Speaker of the House; and (iii) a member of the Senate, appointed by the President of the Senate. (3) With the advice and consent of the Senate, the Governor shall appoint 11 voting trustees, consisting […]
Section 10-105 – Chair
The Governor shall appoint one of the trustees to serve as chair of the Board.