Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-502
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-502
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means includes or including by way of illustration and not by way of limitation. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) There is a Homeownership Programs Fund.
(c) As provided in the State budget, the Department shall use the Fund to:
(1) pay expenses of the Maryland Home Financing Program, including reserves for anticipated future losses directly related to the Maryland Home Financing Program;
(2) make loans under the Maryland Home Financing Program; and
(3) make loans and pay expenses of the Down Payment and Settlement Expense Loan Program.
(d) The Fund consists of:
(1) money appropriated by the State for homeownership programs, including the Maryland Home Financing Program under Subtitle 8 of this title and the Down Payment and Settlement Expense Loan Program under Subtitle 3 of this title;
(2) money from the sale of the State’s general obligation bonds;
(3) repayments or prepayments of principal and payments of interest on loans made under the Maryland Home Financing Program, the Homeowners’ Emergency Mortgage Assistance Program, the Reverse Equity Program, or the Down Payment and Settlement Expense Loan Program, formerly the Settlement Expense Loan Program;
(4) money transferred to the Fund in accordance with §§ 4-503(d), 4-504(f), and 4-505(h) of this subtitle and §§ 3-203(i) and 6-310(g) of this article; and
(5) investment earnings of the Fund.
(e) Subject to § 7-209 of the State Finance and Procurement Article and except as otherwise provided in the State budget, after the first 8 months of a fiscal year, the Department may transfer unencumbered money in the Fund to any other fund established under this title.
(f) Money received as repayment of principal or payment of interest on a loan made under the Maryland Home Financing Program that is not appropriated in the State budget may be credited to the Annuity Bond Fund and used to pay the principal of or interest on money borrowed by the State and appropriated to the Maryland Home Financing Program.