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Maryland Manual, 1994-95
Volume 186, Page 336   View pdf image
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336 /Department of Housing & Community Development Maryland Manual 1994-1995

Vacancy, Manager
(410) 514-7325

Multifamily insurance programs provide longer
mortgage terms than are generally available from
other lenders; reduce monthly payments for the
tenant; and enable higher loan-to-value ratio mort-
gages for borrowers. Multifamily insurance pro-
grams include construction loans and permanent
Construction Loans insures mortgages financing
nonprofit and qualified private developers of new or
rehabilitated housing for families and individuals, the
elderly and the handicapped. (Construction loans are
insured only in combination with permanent mort-
gage financing.) The Maryland Housing Fund is the
only insurer of construction loans in the State, other
than the Federal Housing Administration.
Permanent Loans insures permanent mortgages
to nonprofit and qualified private developers of new
or rehabilitated housing. The permanent mortgage
insurance is provided for multifamily projects for
new construction and rehabilitation, projects re-
ceiving federal subsidies, and market-rate projects
financed by eligible issuers of revenue bonds.

Stanley H. Sanders, Jr., Manager
(410) 514-7300

Regular Mortgage Insurance offers insurance coverage
on mortgages of up to 100 percent loan-to-value ratios
on terms provided by major financial institutions. Mort-
gage insurance premiums are comparable to those
charged by private mortgage insurers. This program is
approved by the Federal National Mortgage Association.
The Public Mortgage Single-Family Program insures
single-family mortgages financed by revenue bond-
funded direct mortgages or mortgage purchase pro-
grams of a public agency mortgagee. The insurance
is governed by the Regular Single-Family Program
regulations, with modifications. The maximum
mortgage amount is 95 percent of the total acqui-
sition cost, not to exceed the sales price.
Pool Insurance offers insurance covering up to 100
percent of the loss on mortgages where there is pri-
mary coverage. The aggregate amount payable under
this coverage is an agreed percentage (usually 5% to
10% ) of the initial principal amount of mortgages
financed through a revenue bond series. The Maryland
Housing Fund provides pool insurance for revenue
bonds issued by the Community Development Ad-
ministration and other housing agencies.
Cooperative Insurance provides coverage on
mortgages to tenant shareholders for the purchase
of dwelling units in cooperatives.
The Revitalization Program provides opportunities to
lower the risk of lending by using Maryland Housing

Fund insurance to stimulate the flow of private
mortgage capital into areas that have suffered from
decreasing home ownership and associated eco-
nomic and social instability In addition, the Pro-
gram makes home ownership possible for those
who do not have the resources for a down payment
and closing costs, which otherwise would be re-
quired by Maryland Housing Fund insurance. The
borrower must make a minimum cash contribution
(not less than $500) based upon levels of house-
hold income.
Home and Energy Loan Program (HELP) insurance
covers 100 percent of the loan under the Community
Development Administration's Home Improvement
and Energy Conservation Loan Program.

Kim Luquette, Manager
(410) 514-7335

Finance is responsible for daily accounting op-
erations and financial management needs of the
Maryland Housing Fund. This includes premium
billings for single- and multi-family insured loans;
Maryland Housing Fund-originated mortgages
and assigned mortgages; payment of expenses and
insurance claims for acquired properties (non-
budgeted), as well as budgeted administrative and
operating expenses and investment of reserves.


The Division of Housing Finance was estab-
lished in 1987 (Chapter 311, Acts of 1987). The
Division consists of the Community Development
Administration. The Division also is served by the
Housing Finance Review Committee.

Trudy Parisa McFall, Director
Nancy S. Rase, Deputy Director

100 Community Place
Crownsville, MD 21032 (410) 514-7400

The Community Development Administration
(CDA) was formed in 1970 within the Department
ofEconomic and Community Development (Chapter
527, Acts of 1970). The Administration joined the
Department of Housing and Community Develop-
ment in 1987 (Chapter 311, Acts of 1987).
The Administration works to increase the supply
of housing for families of limited income, the elderly,
and the handicapped; foster sound community de-
velopment; and stimulate the construction industry
statewide. The Administration is responsible for
Rental Housing Programs, Home Ownership Pro-
grams, Special Loan Programs, Rental Service Pro-


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Maryland Manual, 1994-95
Volume 186, Page 336   View pdf image
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