§ 4-918. Program loans for affordable housing -- Dwellings

   (a) Required for families of limited income. --

   (1) When the Department makes a Program loan to finance a residential rehabilitation project, the sponsor or nonprofit sponsor shall restrict some dwellings for occupancy by families of limited income for at least the greater of 15 years and the number of years required by federal law.

   (2) The number of dwellings restricted under paragraph (1) of this subsection shall be at least the greater of:

      (i) the number that bears the same ratio to the total number of dwellings in the project as the amount the Program loan bears to the total financing of the undertaking;

      (ii) the number of dwellings chosen by the sponsor to satisfy federal occupancy requirements if the residential rehabilitation project receives an allocation of federal low-income housing tax credits; and

      (iii) the number of dwellings required for a community development project under § 4-217(b)(1)(ii) of this title or the number of dwellings that the issuer of the bonds chooses, whichever is greater, if a portion of the costs of the residential rehabilitation project is financed by government-issued, federally tax-exempt revenue bonds.

(b) Dwellings counted toward minimum requirement. -- Dwellings restricted for occupancy to meet other federal or State occupancy requirements may be counted toward the number required under subsection (a) of this section.

(c) Contribution to rehabilitation project. -- As a condition to certain types of Program loans, the Department may require the political subdivision where a rehabilitation project is located to make a contribution to the project.

HISTORY: An. Code 1957, art. 83B, § 2-303(h)(7), (8); 2005, ch. 26, § 2; 2006, ch. 44, § 6.