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2006 LAWS OF MARYLAND
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Ch. 470
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Housing and Community Development
4-201.
(a) In this subtitle the following words have the meanings indicated.
(h) (1) "Family of limited income" means a family or individual whose
income does not exceed the upper income limits established by the Secretary under §
4-212 of this subtitle.
(2) "FAMILY OF LIMITED INCOME" INCLUDES A SPECIAL NEEDS TRUST
DESCRIBED IN 42 U.S.C. § 1396P(D)(4), IF;
(I) THE INCOME OF THE TRUST DOES NOT EXCEED THE UPPER
INCOME LIMITS ESTABLISHED BY THE SECRETARY UNDER § 4-212 OF THIS SUBTITLE;
AND
(II) THE BENEFICIARY OF THE TRUST IS AN INDIVIDUAL WHO
RESIDES IN THE RESIDENTIAL BUILDING OWNED BY THE TRUST.
4-901.
(a) In this subtitle the following words have the meanings indicated.
(b) (1) "Family of limited income" means a family or individual whose
income does not exceed the limits that the Secretary establishes under § 4-915 of this
subtitle.
(2) "FAMILY OF LIMITED INCOME" INCLUDES A SPECIAL NEEDS TRUST
DESCRIBED IN 42 U.S.C. § 1396P(D)(4), OR A TRUST ESTABLISHED FOR THE BENEFIT OF
AN INDIVIDUAL WITH A DISABILITY BY AN INDIVIDUAL OTHER THAN THE
BENEFICIARY AND THAT IS FUNDED WITH ASSETS THAT WERE NEVER OWNED OR
CONTROLLED BY THE BENEFICIARY, IF:
(I) THE INCOME OF THE TRUST DOES NOT EXCEED THE UPPER
INCOME LIMITS ESTABLISHED BY THE SECRETARY UNDER § 4-915 OF THIS SUBTITLE;
AND
(II) THE BENEFICIARY OF THE TRUST IS AN INDIVIDUAL WHO
RESIDES IN THE RESIDENTIAL BUILDING OWNED BY THE TRUST.
4-908.
The Department may:
(1) limit the return on equity allowed to, or enter into equity
participation agreements with, sponsors and nonprofit sponsors:
(2) require and obtain appraisals, credit and title information, and other
information related to making Program loans;
- 2404 -
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