Maryland Code, Housing and Community Development § 4-2503

(3)(i) 1. Except as otherwise provided in this subparagraph, for any fiscal year, the Secretary may not allocate tax credits under this subtitle in the aggregate totaling more than the amount appropriated for the Reserve Fund for that fiscal year in the State budget as approved by the General Assembly.

2. If the aggregate credit amounts allocated in a fiscal year total less than the amount appropriated for the Reserve Fund for that fiscal year, any excess amount shall remain in the Reserve Fund and may be allocated for the next fiscal year.

3. For any fiscal year, if funds are transferred from the Reserve Fund under the authority of any provision of law other than paragraph (4) of this subsection, the maximum credit amounts in the aggregate that the Secretary may allocate shall be reduced by the amount transferred.

(ii) 1. Within 15 days after the end of each calendar quarter, as to each qualified workforce housing project for which a final credit certificate was issued during the quarter, the Department shall notify the Comptroller of:

2. On notification that the final credit for a project has been certified, the Comptroller shall transfer an amount equal to the credit amount initially allocated to the project from the Reserve Fund to the General Fund of the State.