Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-901
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-901
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Statute: A law passed by a legislature.
(b) “Cooperative housing corporation” has the meaning stated in § 5-6B-01 of the Corporations and Associations Article.
(c) “Cooperative interest” has the meaning stated in § 5-6B-01 of the Corporations and Associations Article.
(d) (1) “Family of limited income” means a family or individual whose income does not exceed the limits that the Secretary establishes under § 4-915 of this subtitle.
(2) “Family of limited income” includes a trust described in 42 U.S.C. § 1396p(d)(4), or a trust established for the benefit of an individual with a disability by an individual other than the beneficiary and that is funded with assets that were never owned or controlled by the beneficiary, if:
(i) the income of the trust does not exceed the upper income limits established by the Secretary under § 4-915 of this subtitle; and
(ii) the beneficiary of the trust is an individual who resides in the residential building owned by the trust.
(e) “Local rehabilitation program” means a rehabilitation program that uses Program loans and is administered by a political subdivision.
(f) “Member” has the meaning stated in § 5-6B-01 of the Corporations and Associations Article.
(g) “Minimum livability code” means a regulation, statute, or ordinance that establishes minimum property maintenance standards that the State or a political subdivision adopts under § 12-203 of the Public Safety Article.
(h) “Nonprofit sponsor” means:
(1) a nonprofit organization;
(2) a political subdivision; or
(3) a limited partnership formed to undertake a rehabilitation project that is eligible wholly or partly for federal programs or incentives, if:
(i) each general partner is a nonprofit organization or a political subdivision; or
(ii) 1. each general partner is a wholly owned subsidiary of a nonprofit organization or political subdivision; and
2. a nonprofit organization or political subdivision manages the rehabilitation project or will receive net cash flow or the residual sale proceeds on the sale of the rehabilitation project.
(i) “Program” means the Maryland Housing Rehabilitation Program.
(j) “Program loan” means a loan or grant under the Maryland Housing Rehabilitation Program or a special loan program.
(k) “Regular Rehabilitation Program” means the Program when used to fund a loan for a single family project.
(l) (1) “Rehabilitation project” means a project to repair, reconstruct, renovate, redevelop, improve, modify, or add to a building for a purpose listed in § 4-923 of this subtitle.
(2) “Rehabilitation project” includes providing utility submetering for dwellings in a residential rental building.
(m) “Special loan program” means:
(1) the Accessory, Shared, and Sheltered Housing Program;
(2) the Indoor Plumbing Program;
(3) the Lead Paint Abatement Program;
(4) the Migratory Worker Housing Program;
(5) the Radon and Asbestos Abatement Pilot Program; and
(6) the Accessible Homes for Senior Homeowners Grant Program.
(n) “Special Rehabilitation Program” means the Program when used to fund a loan under a special loan program.
(o) “Sponsor” means an owner who receives a loan to rehabilitate a building for residential rental purposes or nonresidential purposes.