WILLIAM DONALD SCHAEFER, Governor Ch. 220

(4) REVERSE EQUITY LOANS TO ELDERLY HOUSEHOLDS OF
LIMITED INCOME FOR HOUSING RELATED EXPENSES AND PERSONAL EXPENSES
WHICH ENABLE THE OWNER TO CONTINUE TO OCCUPY THE OWNER'S HOME.

[Part II. Establishment and Organization of Program.]

[2-605.] 2-603.

There is a MARYLAND Home Financing Program of the
Department.

[2-606.

(a)  In addition to the specific powers granted and duties
imposed by this subtitle, the Department has the powers and
duties set forth in this section.

(b)  The Department shall;

(1)  Manage and supervise the Program; and

(2)  Carry out the Program in a manner that:

(i) Serves all of the areas of this State; and

(ii) Avoids creating or aggravating low-income
economic concentrations that adversely affect communities.

(c)  The Department shall:

(1)  Adopt policies to insure that loans are made only
to:

(i) Individuals who cannot otherwise finance
the purchase of a home or the purchase and rehabilitation of a
home; and

(ii) Group home sponsors who cannot otherwise
finance the purchase and modification of a group home;

(2)  Research and observe the mortgage market and
housing conditions in this State; and

(3)  Use federal programs that complement or
facilitate carrying out the Program.

(d)  (1) The Department shall set:

(i) Reasonable minimum requirements of

creditworthiness; and

(ii) Upper limits on adjusted annual income.

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