Maryland Code, Housing and Community Development § 4-607

Current as of January 01, 2025 | Updated by Findlaw Staff

To qualify for a Program loan, a group home sponsor shall own and operate a group home and be:

(1) a nonprofit organization;

(2) an individual; or

(3) a limited partnership if:

(i) 1. each general partner qualifies as a nonprofit organization; or

2. each general partner is a wholly owned subsidiary of a nonprofit organization;

(ii) the limited partnership is formed to undertake a group home project that is totally or partly eligible for a federal low income housing tax credit program or any other federal program or incentive; and

(iii) a nonprofit organization manages the project or receives the net cash flow from or the residual sale proceeds on sale of the group home.

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Cite this article: FindLaw.com - Maryland Code, Housing and Community Development § 4-607 - last updated January 01, 2025 | https://codes.findlaw.com/md/housing-and-community-development/md-code-hous-and-cmty-dev-sect-4-607/

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