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 4-225 – Financing Procedures — in General
(a) The Administration shall administer a program of financial assistance for: (1) community development projects; (2) energy conservation projects; (3) home improvement projects; (4) public purpose projects; (5) solar energy projects; (6) special housing facilities; and (7) business projects. (b) The Administration shall provide financial assistance for projects and facilities under this section with money that the Administration can get for them from any […]
Section 4-226 – Financing Procedures — Powers of Administration
(a) (1) In connection with property on which it holds a mortgage, the Administration may: (i) foreclose on the property; (ii) begin an action to protect or enforce a right conferred on the Administration by law or any agreement; (iii) bid for and purchase the property at a foreclosure or other sale; and (iv) acquire and take possession of the property. […]
Section 4-227 – Energy Conservation and Solar Energy Financing
(a) The Administration shall coordinate the promotion of its programs of financial assistance for energy conservation projects with the energy conservation promotion programs of the Maryland Energy Office. (b) (1) The Administration shall adopt regulations to establish and implement programs of financial assistance for energy conservation projects and solar energy projects. (2) These regulations shall be consistent with the […]
Section 4-212 – Determination of Families of Limited Income
(a) In establishing the upper income limits for a family of limited income, the Secretary shall consider factors including: (1) the income of the family available for housing; (2) the size of the family; (3) the cost and condition of available housing; (4) the ability of the family to compete in the private housing market; and (5) standards and definitions established […]
Section 4-228 – Infrastructure Financing
(a) To finance infrastructure projects, the Administration may: (1) make, purchase, and participate in making loans; (2) purchase local obligations issued to finance such projects; and (3) provide any other form of financial assistance other than grants. (b) All transactions under subsection (a) of this section shall be evidenced by instruments containing the terms and conditions necessary to secure payment […]
Section 4-213 – Plan Approval Process
(a) In accordance with regulations that the Secretary adopts, an agreement that the Administration makes to carry out its functions and responsibilities under §§ 4–211, 4–214, and 4–225 through 4–235 of this subtitle shall be approved by: (1) the Secretary; and (2) the Board of Public Works, if its approval is required by law. (b) The Administration shall provide […]