§ 4-503. Partnership Rental Housing Fund

   (a) "Fund" defined. -- In this section, "Fund" means the Partnership Rental Housing Fund.

(b) Established. -- There is a Partnership Rental Housing Fund.

(c) Composition. -- The Fund consists of:

   (1) money appropriated by the State to the Partnership Rental Housing Program;

   (2) money made available to the Partnership Rental Housing Program from the sale of general obligation or other bonds including the proceeds of the sale of bonds authorized by Chapter 625 of the Acts of the General Assembly of 1988 and Chapter 97 of the Acts of the General Assembly of 1989;

   (3) investment earnings of the Fund; and

   (4) repayment of loans from the Fund except to the extent any State or federal law governing the proceeds of bonds prohibits the recycling of money.

(d) Transfers. -- Subject to the approval of the Legislative Policy Committee and § 7-209 of the State Finance and Procurement Article, after the first 8 months of a fiscal year, the Department may transfer unencumbered money in the Fund among the Partnership Rental Housing Fund, the Rental Housing Programs Fund, the Homeownership Programs Fund, and the Special Loan Programs Fund, if the Secretary determines that demand is:

   (1) less than anticipated for the fund from which money is being transferred; and

   (2) greater than anticipated for the fund to which money is being transferred.

HISTORY: An. Code 1957, art. 83B, § 2-1109(a)-(c); 2005, ch. 26, § 2.