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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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HOUSING AND COMMUNITY DEVELOPMENT |
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DIVISION I. HOUSING AND COMMUNITY PROGRAMS. |
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TITLE 4. DIVISION OF DEVELOPMENT FINANCE |
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SUBTITLE 8. MARYLAND HOME FINANCING PROGRAM |
§ 4-801. Definitions
Latest version.
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(a) In general. -- In this subtitle the following words have the meanings indicated.
** REVISOR'S NOTE
This subsection formerly was Art. 83B, § 2-601(a).
** REVISOR'S NOTE
No changes are made.
(b) Adjusted annual income. --
(1) "Adjusted annual income" means gross income from all sources with adjustments, as determined by the Department, made for unusual or temporary income items and long-term unusual expenses such as medical, rehabilitation, or special education expenses.
(2) "Adjusted annual income" includes:
(i) wages;
(ii) investment income;
(iii) Social Security payments;
(iv) retirement payments;
(v) disability payments; and
(vi) unemployment insurance payments.
** REVISOR'S NOTE
This subsection formerly was Art. 83B, § 2-601(b).
** REVISOR'S NOTE
The only changes are in style.
** DEFINED TERM:
"Department" § 1-101
**
(c) Fund. -- "Fund" means the Homeownership Programs Fund under Subtitle 5 of this title.
REVISOR'S NOTE
This subsection is new language added to provide a convenient reference to the Homeownership Programs Fund. **
(d) Household of limited income. -- "Household of limited income" means one or more individuals whose aggregate adjusted annual income does not exceed the upper income limits that the Secretary sets under § 4-807 of this subtitle.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(c).
REVISOR'S NOTE
The reference to "aggregate" adjusted annual income is added for clarity.
DEFINED TERMS:
"Adjusted annual income" § 4-801
DEFINED TERMS:
"Secretary" § 1-101
**
(e) Lot consolidation. -- "Lot consolidation" means the acquisition of real property adjacent to and in connection with a residence financed by the Program to include the real property as part of the residence.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(e).
DEFINED TERM:
"Program" § 4-801
**
(f) Median annual family income. -- "Median annual family income" means the median annual family income for the State, county, or area, whichever is greatest, as shown in the latest Census Bureau Report of the United States Department of Commerce.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(f).
REVISOR'S NOTE
The reference to an "area" is substituted for the former reference to a "region" to avoid confusion with the defined term "region". See subsection (i) of this section. The former reference to "region" in this subsection was other than as defined.
"County" § 1-101
**
(g) Preferred interest rate. -- "Preferred interest rate" means an interest rate that the Department sets under § 4-806(c) of this subtitle.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(h).
REVISOR'S NOTE
The former reference to the rate that the Department sets "periodically" is deleted in light of the reference to "§ 4-806(c) of this subtitle".
"Department" § 1-101
**
(h) Program. -- "Program" means the Maryland Home Financing Program.
REVISOR'S NOTE
This subsection formerly was Art. 83B, § 2-601(i).
REVISOR'S NOTE
No changes are made. **
(i) Region. -- "Region" means an area of the State that the Department establishes comprising one or more counties.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(j).
"Department" § 1-101
**
(j) Short-term loan. -- "Short-term loan" means a loan that, under the loan documents, is expected to be taken out by other financing within 7 years.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(k).