(a) In this subtitle the following words have the meanings indicated. (b) “Covered county” means: (1) a county that has adopted home rule powers under Article XI-F of the Maryland Constitution; or (2) Anne Arundel County, Calvert County, Frederick County, Howard County, or Washington County. (c) “Family of low or moderate income” means a family or individual that a covered […]
(a) The General Assembly finds that: (1) in many areas of covered counties, including areas that contain presently stable neighborhoods and middle class residential housing, families of low or moderate income cannot purchase, rehabilitate, or maintain decent, safe, and sanitary housing, and so do not have an opportunity for home ownership directly or through a condominium or […]
The purposes of this subtitle are to: (1) help remedy the conditions described in § 4-1602 of this subtitle; (2) make residential mortgage loans available to families of low or moderate income at borrowing costs lower than those otherwise prevailing for residential mortgages; (3) help reduce the shortage of adequate housing; and (4) help maintain housing and neighborhoods.
(a) To accomplish the purpose of this subtitle and notwithstanding any other law, a covered county may borrow money by issuing revenue bonds, notes, or other evidences of obligation. (b) Money under subsection (a) of this section shall be made available for residential mortgage loans to families of low or moderate income, only through mortgage lending institutions […]
A covered county may collect from borrowers in a program the charges that the legislative body of the covered county considers proper for: (1) loan processing; (2) loan administration; (3) mortgage insurance; and (4) other costs and expenses of the program.
(a) The legislative body of a covered county that undertakes a program shall adopt an ordinance or resolution that specifies: (1) the proposed program; (2) the amount of bonds to be issued; (3) the interest rate or rates that the bonds will bear or the method to determine the rate or rates; and (4) other provisions consistent with this subtitle […]
(a) The legislative body of a covered county that issues bonds under this subtitle shall determine: (1) the time or times when interest is to be paid on the bonds; (2) the time or times when the bonds are to be executed, issued, and delivered; (3) the form, denomination, and tenor of the bonds; (4) the time or times when […]
(a) (1) The bonds shall be sold at public or private sale on the terms that the legislative body of the covered county sets. (2) The bonds are not subject to §§ 19–205 and 19–206 of the Local Government Article. (b) (1) The bonds and the interest on them shall be limited obligations of the covered county. (2) The principal and […]
(a) A covered county may issue new bonds to pay outstanding bonds in accordance with procedures of this subtitle and § 19–207 of the Local Government Article. (b) New bonds shall be secured to the same extent and shall have the same source of payment as the bonds refunded.
(a) A program may provide for loan agreements, security agreements, loan servicing agreements, forms of mortgages, notes and deeds of trust, and other security, documents, agreements, provisions, and other matters as the covered county may find appropriate to implement the financing of the program. (b) A transaction under this subtitle is not a capital project within the […]
