Ch. 220                                           LAWS OF MARYLAND

[(f)] (D) "Loan" means a loan of money made by the
Department under this subtitle[, or by the Maryland Home
Financing Program before enactment of this subtitle] OR MADE
PRIOR TO JULY 1, 1989 BY THE MARYLAND HOME FINANCING PROGRAM, THE
REVERSE EQUITY LOAN PROGRAM, OR THE HOMEOWNERS' EMERGENCY
MORTGAGE ASSISTANCE PROGRAM.

[(g)] (E) "Median annual family income" means a figure
reported as median annual family income, by STATE, county, or
region, WHICHEVER IS GREATER, by the MOST CURRENT Census Bureau
REPORT of the United States Department of Commerce.

[(h)] (F) "Nonprofit organization" means a corporation,

foundation, or other legal entity, no part of the net earnings of

which inures to the benefit of any private shareholder or
individual holding an interest in such entity.

[(i)] (G) "Preferred interest rate" means [the] AN interest
rate that the Department sets periodically under [§ 2-607] §
2-604(4) of this subtitle.

[(j)] (H) "Program" means the MARYLAND Home Financing
Program.

[(k)] (I) "Region" means an area of the State comprising
[one] 1 or more counties[,] AS MAY BE established by the
Department.

2-602.

The [purpose] PURPOSES of the Program [is to help
disadvantaged and low-income citizens of this State to buy homes
through loans at a preferred interest rate, and to help group'
home sponsors buy and modify homes through loans at a preferred
interest rate so as to provide group homes for low-income,
elderly, handicapped, and other citizens of this State with
special housing needs.] ARE TO MAKE, PURCHASE, AND PARTICIPATE IN
MAKING:

(1)  PREFERRED INTEREST RATE LOANS TO HOUSEHOLDS OF
LIMITED INCOME FOR THE PURCHASE, PURCHASE AND REHABILITATION, OR
REFINANCING OF A PRIMARY RESIDENCE;

(2)  SHORT-TERM CONSTRUCTION LOANS TO DEVELOPERS FOR
THE CONSTRUCTION OR REHABILITATION OF RESIDENTIAL UNITS
AFFORDABLE TO HOUSEHOLDS OF LIMITED INCOME;

(3)  EMERGENCY ASSISTANCE LOANS TO HOUSEHOLDS OF
LIMITED INCOME WHO, BECAUSE OF UNEMPLOYMENT OR OTHER
EXTRAORDINARY HARDSHIP, ARE UNABLE TO MAKE CURRENT MORTGAGE
PAYMENTS ON THEIR HOMES AND ARE LIKELY TO HAVE TO FORFEIT THE
TITLE TO THEIR HOME; AND

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