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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 9. MARYLAND HOUSING REHABILITATION PROGRAM |
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PART I. IN GENERAL |
§ 4-919. Program loans for affordable housing -- Private financing standards
Latest version.
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(a) Secretary to set standards. -- The Secretary shall establish standards to promote the maximum use of private financing.
(b) Restrictions on use. -- If a portion of a rehabilitation project is to be financed by a private lending institution, the Department shall require that the sponsor use all the private financing that the rehabilitation project can support without impairing:
(1) the rehabilitation project; or
(2) affordable housing for families of limited income, if the rehabilitation project is residential.
(c) Minimum interest rate. -- As long as the State complies with all applicable federal treasury regulations governing borrowing money by the State, a Program loan shall be at an interest rate that at least covers:
(1) the administrative and other expenses of the Program; and
(2) reasonably expected losses from defaults on Program loans.