Section 4-402 – Program Established

    There is a Rental Housing Program.

Section 4-403 – Purposes

    The purposes of the Program are to:         (1)    stimulate the production and preservation of rental housing;         (2)    increase and improve the supply of decent, safe, and sanitary rental housing at costs that are affordable to households of limited income;         (3)    use available resources efficiently to serve the households that are in need of quality affordable housing opportunities, including […]

Section 4-404 – Duties of Department and Secretary

    (a)    The Department shall:         (1)    administer the Program;         (2)    adopt policies to ensure that rental housing is made available to households of limited income;         (3)    develop procedures to ensure that the projects receiving financial assistance from the Program are in compliance with applicable occupancy restrictions;         (4)    use federal and State programs to help carry out the Program; and         (5)    encourage the […]

Section 4-405 – Funding Requests

    To achieve the purposes of the Program, the Department shall, from time to time, ask the State to increase or replace amounts deposited with the State Treasurer in the Fund.

Section 4-406 – Regulations

    (a)    The Department shall adopt regulations to carry out the Program.     (b)    The regulations shall provide for:         (1)    applications for money from the Fund;         (2)    standards of eligibility, terms, and fees;         (3)    charges that shall be imposed on Program loans; and         (4)    the recapture of money of the Fund from a borrower that does not use the money in a timely […]

Section 4-407 – Qualifying Projects

    (a)    A project qualifies as a rental housing project under this subtitle if:         (1)    its purpose is to acquire, construct, or rehabilitate real property or all or part of a building or improvements that will be occupied by households of limited income as provided in this subsection; and         (2)    a portion of the rental units in the project […]

Section 4-408 – Review of Application for Program Loans

    (a)    The Department shall review applications for loans submitted by private or nonprofit sponsors, political subdivisions, or local housing authorities established under Division II of this article on behalf of sponsors of proposed rental housing projects.     (b)    In reviewing an application for a Program loan under this subtitle, the Department shall consider:         (1)    the extent to which households […]

Section 4-409 – Program Loans

    (a)    Money in the Fund may be used to make loans to an approved applicant to:         (1)    acquire, construct, or rehabilitate a rental housing project;         (2)    convert an existing building or buildings to a rental housing project; or         (3)    provide operating assistance to reduce the operating costs of a project by depositing the proceeds of the Program loan in […]

Section 4-410 – Program Loans Secured by Mortgage

    (a)    If a Program loan is secured by a mortgage, the Department may:         (1)    enforce the mortgage;         (2)    foreclose on the mortgage and take title to the mortgaged property or take deed in lieu of foreclosure;         (3)    convey title to a purchaser;         (4)    obtain and enforce a deficiency judgment;         (5)    allow assumption of the mortgage; and         (6)    contract with a private mortgage […]

Section 4-411 – Making False Statements or Reports; Penalty

    (a)    (1)    A person may not knowingly make or cause to be made a false statement or report in a document required to be submitted to the Department under an agreement relating to a Program loan.         (2)    A loan applicant may not knowingly make or cause a false statement or report to be made to influence the action […]