Skip to main content
Find a Lawyer

Maryland Code, Housing and Community Development § 4-916

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

(a)(1) The Department may make Program loans for housing on terms that the Department considers necessary to make the housing affordable to families of limited income.

(2) The Department may make Program loans in the form of a grant to a family of limited income if:

(i) the family of limited income owns and occupies the dwelling; and

(ii) the Department determines the family of limited income cannot undertake the rehabilitation project without a grant.

(3) The terms may include:

(i) deferred payment of principal and interest until the maturity date or the date of any sale or other transfer of the building or an interest in the building;

(ii) an interest rate as low as 0% or as high as is reasonable, given the incomes of the proposed occupants, if the interest rate does not violate any federal regulation governing the borrowing of money by the State;

(iii) increased interest rates or accelerated payments of principal and interest, if the borrower no longer qualifies for the Program loan; and

(iv) advance payments to a nonprofit sponsor for certain development costs, including architectural, engineering, and attorneys' fees.

(b) Within the maximum income limits for families of limited income, the Secretary may establish:

(1) lower income ranges;

(2) interest rates to be available on Program loans serving occupants with incomes within those lower ranges; and

(3) any preference or reservation of money for applications for Program loans to finance housing to serve occupants in those lower income ranges.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Housing and Community Development § 4-916 - last updated January 01, 2025 | https://codes.findlaw.com/md/housing-and-community-development/md-code-hous-and-cmty-dev-sect-4-916/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard