Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-916
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-916
- including: means includes or including by way of illustration and not by way of limitation. See
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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.