Section 4-233 – Pledges Securing Local Obligations
(a) Each issuance of a local obligation under § 4-230 of this subtitle shall be secured by, at the discretion of the Administration, a pledge of the faith and credit of the issuer or a pledge of specific revenue of the issuer or the facility being financed as designated and described in the authorizing ordinance or […]
Section 4-249 – Repurchase; Redemption
(a) Subject to agreements with noteholders or bondholders, the Administration may purchase its notes or bonds with any money available for the purchase. (b) The purchase price may not exceed: (1) the redemption price at the time of the purchase, plus accrued interest to the next interest payment date, if the note or bond is redeemable, at the […]
Section 4-233.1 – Capital Reserve Fund
(a) (1) In this section the following words have the meanings indicated. (2) “Capital reserve fund” means a reserve fund created under this section. (3) “Minimum capital reserve requirement” means the minimum capital reserve amount established by the Administration for a capital reserve fund in connection with the issuance of bonds, notes, or other obligations of the Administration in […]
Section 4-250 – Bond or Note of Administration — Legal Status
(a) A bond or note issued by the Administration under this part is a legal and proper investment for: (1) a public officer, a political subdivision, or a governmental unit; (2) a bank, trust company, savings and loan association, investment company, or other person doing a banking business; (3) an insurance company, insurance association, or other person doing an […]
Section 4-234 – Guarantee of Loans
(a) In this section, “government–sponsored enterprise” means the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank, or other agency or instrumentality of or chartered by the federal government that has similar powers. (b) (1) To finance community development projects, public purpose projects, or residential mortgage loans, the Administration may purchase or […]
Section 4-235 – Mortgage Loans and Reverse Equity Mortgage Loans
(a) (1) In this section the following words have the meanings indicated. (2) “Mortgage loan” includes a loan to: (i) finance or refinance the purchase of stock or membership in a cooperative ownership housing corporation; or (ii) rehabilitate units in a cooperative ownership housing corporation. (3) “Reverse equity mortgage loan” includes a loan that uses the equity in a home as […]
Section 4-236 – Mortgage Lenders
In carrying out this section and §§ 4-237 through 4-241 of this subtitle, the Administration may not make a loan to a mortgage lender or purchase a mortgage loan from a mortgage lender unless the mortgage lender is: (1) a bank, trust company, savings institution, savings and loan association, national bank association, mortgage banker, or other […]
Section 4-237 – Mortgage Purchases and Loans
(a) The Administration may: (1) purchase or commit to purchase, from a mortgage lender that is eligible under § 4–236 of this subtitle, a note, mortgage, or partial interest in a note or mortgage that evidences: (i) a residential mortgage loan to a family of limited income; (ii) a mortgage loan to a sponsor of a community development project […]
Section 4-238 – Commitment to Purchase Mortgage Loans
(a) (1) New mortgage loans that the Administration purchases shall be loans to: (i) families of limited income; (ii) sponsors of community development projects; or (iii) homeowners: 1. with primary residences located in sustainable communities; 2. who refinance a residential mortgage loan made by the Department or Administration; or 3. who use the loan proceeds to: A. purchase the homeowner’s primary residence and make […]
Section 4-239 – Loans to Eligible Mortgage Lenders
(a) (1) A loan from the Administration to an eligible mortgage lender shall require the eligible mortgage lender to make mortgage loans in principal amounts that add up to at least the amount of the loan from the Administration to: (i) families of limited income; or (ii) sponsors of community development projects. (2) After receiving the loan from the Administration, […]