§ 4-504. Rental Housing Programs Fund

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

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

(c) Purposes of Fund. --

   (1) The Department shall use the Fund to:

      (i) operate, make loans, and pay expenses of the Maryland Housing Rehabilitation Program, including reserves for anticipated future losses directly related to the Maryland Housing Rehabilitation Program, as provided in the State budget; and

      (ii) operate, make loans, and pay expenses of the Rental Housing Production Program.

   (2) The Administration shall use the Fund to operate, make loans, and pay expenses of the Elderly Rental Housing Program.

   (3) (i) The Administration may use the Fund to make deferred payment loans to approved applicants to enable the applicants to acquire, construct, or rehabilitate elderly rental housing projects or to convert existing rental housing to elderly rental housing projects.

      (ii) Deferred payment loans may be subordinate to other financing.

(d) Administration. -- The Administration shall administer the Fund.

(e) Composition. --

   (1) The Fund consists of:

      (i) money appropriated by the State for rental housing programs, including the Elderly Rental Housing Program under § 4-402 of this title, the Multifamily Rehabilitation Program under § 4-906(b) of this title, the Nonprofit Rehabilitation Program under § 4-929 of this title, and the Rental Housing Production Program under § 4-1502 of this title;

      (ii) repayments and prepayments of loans made under the programs set forth in item (i) of this paragraph;

      (iii) money appropriated under § 4-501(c) of this subtitle;

      (iv) money transferred to the Fund in accordance with § 4-502(e), 4-503(d), and 4-505(h) of this subtitle and § 3-203(i) and 6-310(g) of this article; and

      (v) investment earnings of the Fund.

   (2) The State, under § 4-501(c) of this subtitle, may appropriate to the Fund money received as repayment of principal or payment of interest on a loan made by the Maryland Housing Rehabilitation Program.

(f) Transfers. --

   (1) When the Department issues a binding commitment to make a loan, the Department shall withdraw from the Fund an amount equal to the commitment.

   (2) Subject to § 7-209 of the State Finance and Procurement Article and except as otherwise provided in the State budget, after the first 8 months of a fiscal year the Department may transfer unencumbered money in the Fund to any other fund established under this title.

HISTORY: An. Code 1957, art. 83B, § 2-313(a)(1)-(3), (c), (d), (i), 2-505(a)(1)-(3), (b)-(d), 2-805(a)(1)-(3), (b)-(d), 2-806, 2-807; 2005, ch. 26, § 2; 2008, ch. 477.