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ROBERT L. EHRLICH, JR., Governor Ch. 483
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(B) (C) IF AN INITIAL BUYER OF A HOMEOWNERSHIP WORKFORCE HOUSING
UNIT DEVELOPED THROUGH THE PROGRAM TRANSFERS TITLE TO THE UNIT:
(1) WITHIN 5 YEARS OF THE DATE OF PURCHASE, THE INITIAL BUYER
SHALL ASSIGN 100% 20% OF THE NET PROCEEDS OF TRANSFER TO THE DEPARTMENT;
(2) DURING THE PERIOD THAT IS MORE THAN 5 YEARS BUT LESS THAN
25 15 YEARS FROM THE DATE OF PURCHASE, THE INITIAL BUYER SHALL ASSIGN TO
THE DEPARTMENT A PERCENTAGE OF THE NET PROCEEDS OF TRANSFER THAT
BEGINS AT 95% 20% AND DECLINES BY 5% 2% FOR EACH SUBSEQUENT YEAR OF
OWNERSHIP; AND
(3) DURING THE PERIOD THAT IS 25 15 YEARS OR MORE FROM THE DATE
OF PURCHASE, THE INITIAL BUYER IS NOT REQUIRED TO ASSIGN ANY PORTION OF
THE NET PROCEEDS OF TRANSFER TO THE DEPARTMENT.
(C) THE DEPARTMENT SHALL PROPORTIONATELY DISTRIBUTE TO A
QUALIFYING LOCAL GOVERNMENT THE NET PROCEEDS OF TRANSFER RECEIVED
UNDER THIS SECTION BASED ON THE AMOUNT OF MATCHING FUNDS PROVIDED BY
THE QUALIFYING LOCAL GOVERNMENT FOR THE HOMEOWNERSHIP UNIT THAT
GENERATED THE NET PROCEEDS OF TRANSFER
AND (C) OF THIS SECTION. THE DEPARTMENT SHALL DISTRIBUTE TO THE
QUALIFYING LOCAL GOVERNMENT:
(1) THE MATCHING FUNDS PROVIDED BY THE QUALIFYING LOCAL
GOVERNMENT FOR THE HOMEOWNERSHIP WORKFORCE HOUSING UNIT THAT
GENERATED THE NET PROCEEDS OF TRANSFER: AND
(2) A PROPORTIONATE SHARE OF THE NET PROCEEDS OF TRANSFER
BASED ON THE AMOUNT OF MATCHING FUNDS PROVIDED BY THE QUALIFYING
LOCAL GOVERNMENT FOR THE HOMEOWNERSHIP WORKFORCE HOUSING UNIT THAT
GENERATED THE NET PROCEEDS OF TRANSFER
(C) (D) (E) THE DEPARTMENT AND THE QUALIFYING LOCAL
GOVERNMENTS SHALL USE THE NET PROCEEDS OF TRANSFER FUNDS RECEIVED
UNDER THIS SECTION TO DEVELOP WORKFORCE HOUSING UNDER THE PROGRAM.
(F) THE CONTRACT OF SALE TO THE INITIAL BUYER SHALL DISCLOSE THE
COMBINED AMOUNT OF PROGRAM FUNDS AND QUALIFYING LOCAL GOVERNMENT
MATCHING FUNDS THAT MUST BE ASSIGNED TO THE DEPARTMENT IN THE EVENT
OF A TRANSFER OF TITLE.
(G) THE DEED TO THE INITIAL BUYER OF A HOMEOWNERSHIP WORKFORCE
HOUSING UNIT AND A DEED TO A TRANSFEREE FOR NO CONSIDERATION OF A
HOMEOWNERSHIP WORKFORCE HOUSING UNIT SHALL INCLUDE:
(1) THE REQUIREMENTS FOR REPAYMENT SET FORTH IN THIS SECTION
AND
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- 2473 -
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