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ROBERT L. EHRLICH, JR., Governor
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Ch. 470
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(3) contract for services relating to any aspect of the operation of the
Program under the procedures required by law for State contracts; [and]
(4) charge and collect;
(i) reasonable application and processing fees; and
(ii) other charges, fees, or reimbursements incidental to Program
loans; AND
(5) IF NECESSARY, LIMIT THE CUMULATIVE OUTSTANDING DEBT FOR
PROGRAM LOANS MADE TO A TRUST DESCRIBED IN 42 U.S.C. § 1396P(D)(4) TO
PRESERVE THE ONGOING FINANCIAL VIABILITY OF THE PROGRAM.
4-917.
(a) A Program loan;
(1) may not be made if the Department determines that comparable
private financing is available to the prospective borrower: and
(2) may not exceed an amount the Secretary establishes by regulation.
(b) (1) Except as provided under [paragraph] PARAGRAPHS (2) AND (3) of
this subsection, a Program loan of more than $5,000 shall be secured wholly or partly
by a recorded mortgage or deed of trust on real property.
(2) A Program loan to a political subdivision may be secured by a
recorded mortgage, deed of trust on real property, or other security device acceptable
to the Department.
(3) A PROGRAM LOAN TO A TRUST DESCRIBED IN 42 U.S.C. § 1396P(D)(4)
MAY BE SECURED BY A RECORDED MORTGAGE. DEED OF TRUST ON REAL PROPERTY.
OR OTHER SECURITY DEVICE ACCEPTABLE TO THE DEPARTMENT.
(c) Program loans shall be made to:
(1) families of limited income owning and occupying the building to be
rehabilitated; or
(2) sponsors or nonprofit sponsors.
(d) The Department may require that Program loans be insured.
(e) A Program loan may cover:
(1) costs of a rehabilitation project, including implementation costs such
as appraisal, architectural, and engineering fees; and
(2) closing costs of the Program loan.
(f) The Department may modify the interest rate, the time or amount of
payment, or any other term of a Program loan that is in default to facilitate
repayment of the Program loan and achieve the purposes of the Program.
- 2405 -
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