Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-919
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-919
- 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
(b) If a portion of a rehabilitation project is to be financed by a private lending institution, the Department shall require that the sponsor use all the private financing that the rehabilitation project can support without impairing:
(1) the rehabilitation project; or
(2) affordable housing for families of limited income, if the rehabilitation project is residential.
(c) As long as the State complies with all applicable federal treasury regulations governing borrowing money by the State, a Program loan shall be at an interest rate that at least covers:
(1) the administrative and other expenses of the Program; and
(2) reasonably expected losses from defaults on Program loans.