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 4-234 – 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 4-225 – 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 4-228 – 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 4-229 – Infrastructure Financing — Local Obligations
(a) (1) If the Administration purchases a local obligation, the procedures and requirements for the issuance or sale of the local obligation shall be as provided in §§ 4–230 through 4–233 of this subtitle. (2) Notwithstanding any other public general law or public local law, charter, or ordinance, an issuer of a local obligation may sell a local […]
Section 4-230 – Issuing Procedures of Local Obligations
(a) (1) Notwithstanding any other public general law, or public local law, charter, or ordinance, a political subdivision or a governmental unit of a political subdivision may issue a local obligation to be purchased by the Administration for infrastructure projects. (2) A local obligation shall be issued in accordance with this section. (3) Each local obligation must be authorized […]
Section 4-231 – Contents of Enabling Resolution or Ordinance
(a) A resolution or ordinance that authorizes a local obligation shall contain: (1) a statement of the public purpose for which the proceeds of the local obligation are to be spent; (2) the form of the local obligation, including: (i) each place and time of payment; (ii) each interest rate or maximum interest rate; (iii) the titles of the officials whose […]