(a) In this subtitle the following words have the meanings indicated. (b) “Business project” has the meaning stated in § 4–201 of this article. (c) “Credit enhancement” means a guarantee, including a guarantee of an obligation backed by a pool of mortgages, or other assurance or security device issued to: (1) improve the credit of a qualified borrowing entity; […]
(a) (1) The General Assembly finds that: (i) the flow of private investment capital into businesses and adequate housing can be stimulated by a system insuring qualified lending institutions against losses resulting from nonpayment of money owed under the terms of a note, bond, or other evidence of indebtedness; and (ii) the insurance can help State and local activity […]
(a) There is a Maryland Housing Fund. (b) The Fund shall further the State interests expressed in § 3-202 of this subtitle. (c) The Department shall manage and supervise the Fund. (d) (1) The Fund is a continuing, nonlapsing special fund that is not subject to § 7-302 of the State Finance and Procurement Article. (2) The Department shall deposit money […]
Insurance, a guarantee, or other credit enhancement provided under this subtitle: (1) does not pledge the faith, credit, or taxing power of the State or the Department; and (2) is payable only to the extent of the reserve or other identified money backing the insurance, guarantee, or credit enhancement.
(a) In this section, “development costs” has the meaning stated in § 4-201 of this article. (b) The Department, in its own name or in the name of the Fund: (1) may insure or guarantee on terms that it specifies a mortgage or pool of mortgages offered or bonds or notes issued that are eligible for insurance under […]
(a) In offering insurance and other forms of credit enhancement, the Department shall adopt eligibility standards that are reasonable to aid in: (1) financing the purchase, construction, or rehabilitation of: (i) housing projects; (ii) special housing facility projects, consisting of the acquisition, rehabilitation, improvement, renovation, construction, financing, or refinancing of a building that: 1. provides common, shared, or independent living, […]
(a) The Department shall adopt regulations that are necessary to carry out the purpose of this subtitle. (b) (1) Annually, on or before December 1, the Department shall make a written report to the Governor and, subject to § 2-1257 of the State Government Article, to the General Assembly on the financial status of the Fund and its […]
This subtitle shall be liberally construed to carry out the findings set forth in § 3-202 of this subtitle.
