§ 4-1507. Regulations

   (a) In general. -- The Department shall adopt regulations to carry out the Program.

(b) Scope. -- By regulation, the Department may establish:

   (1) standards of eligibility for sponsors;

   (2) limitations on the return on investment allowed to sponsors;

   (3) requirements for the number of bedrooms in a project for each income range;

   (4) terms, fees, and charges of Program loans;

   (5) a process to select projects that ensures a broad geographic distribution of money; and

   (6) incentives for nonprofit sponsors to participate in the Program, including:

      (i) reserving part of the Fund for a period of time for Program loans to nonprofit sponsors; and

      (ii) allowing advance payment to nonprofit sponsors for development costs, including architects', engineers', and attorneys' fees.

HISTORY: An. Code 1957, art. 83B, § 2-504(a)(6), 2-508; 2005, ch. 26, § 2.