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Ch. 551
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2005 LAWS OF MARYLAND
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BY adding to
Article - Housing and Community Development
Section 4-215
Annotated Code of Maryland
(As enacted by Chapter 26 (H.B. 11) of the Acts of the General Assembly of 2005)
BY repealing and reenacting, with amendments,
Article - Housing and Community Development
Section 4-217
Annotated Code of Maryland
(As enacted by Chapter 26 (H.B. 11) of the Acts of the General Assembly of 2005)
BY repealing and reenacting, without amendments,
Article - Housing and Community Development
Section 6-305
Annotated Code of Maryland
(As enacted by Chapter 26 (H.B. 11) of the Acts of the General Assembly of 2005)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Housing and Community Development
4-215.
(A) THE ADMINISTRATION SHALL ADMINISTER A HOME BUYER ASSISTANCE
PROGRAM THAT:
(1) ASSISTS HOME BUYERS TO RECEIVE LOW-INTEREST MORTGAGE
LOANS, WITH DOWN PAYMENT AND CLOSING COST ASSISTANCE OPTIONS, FOR THE
PURCHASE OF HOMES NEAR THEIR PLACE OF EMPLOYMENT; AND
(2) COORDINATES WITH, AND MATCHES WHERE APPROPRIATE, SIMILAR
PROGRAMS OFFERED BY PRIVATE EMPLOYERS AND COUNTY AND MUNICIPAL
GOVERNMENTS SO AS TO MAXIMIZE THE TOTAL AMOUNT THAT HOME BUYERS CAN
RECEIVE UNDER THE PROGRAM.
(B) WITH REFERENCE TO LOANS UNDER THIS PROGRAM, THE
ADMINISTRATION SHALL:
(1) ALLOW HOME BUYERS TO UTILIZE THE LOANS FOR THE PURCHASE
OF NEWLY CONSTRUCTED OR EXISTING HOMES: AND
(2) REQUIRE A HOME PURCHASED UNDER THIS PROGRAM TO BE
OCCUPIED BY THE HOME BUYER AS A PRINCIPAL RESIDENCE.
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- 3186 -
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