(a) In this subtitle the following words have the meanings indicated. (b) “Affordable” means that monthly housing costs do not exceed 30% of a household’s income, where the household’s income does not exceed 80% of the statewide median income for a household of like size. (c) “Appraisal gap” means the amount by which the total cost of eligible […]
(a) There is an Appraisal Gap From Historic Redlining Financial Assistance Program in the Department. (b) The purpose of the Program is to make financial assistance available to affordable housing developers working in low–income census tracts in order to help close appraisal gaps that occur in historically redlined neighborhoods.
(a) In the fiscal year in which a qualified project is completed, an individual or business entity may apply to the Department for financial assistance to cover the appraisal gap for the project in accordance with this section. (b) The amount of the financial assistance provided under subsection (a) of this section shall not exceed 35% of […]
(a) Subject to § 4–2805 of this subtitle, on application by an individual or business entity that pays or incurs eligible construction expenses, the Department shall provide financial assistance to the individual or business entity in the amount determined under § 4–2803 of this subtitle. (b) The application shall be in the form and shall contain any […]
(a) There is an Appraisal Gap From Historic Redlining Financial Assistance Fund. (b) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. (2) The money in the Fund shall be invested and reinvested by the State Treasurer, and interest and earnings shall be credited to the […]
The Department shall adopt: (1) regulations to specify criteria for the application for and approval of the financial assistance under this subtitle; and (2) any other regulations necessary to carry out the provisions of this subtitle.
