HARRY HUGHES, Governor

3061

(C) THE STATE TREASURER SHALL HOLD AND THE STATE
COMPTROLLER SHALL ACCOUNT FOR THE FUND. THE FUND SHALL BE
INVESTED AND REINVESTED. ANY INVESTMENT EARNINGS OF THE FUNDS
SHALL BE PAID INTO THE FUND. ANY REPAYMENT OF LOANS FROM THE
FUND SHALL BE PAID INTO THE FUND.

13-406.

THE ADMINISTRATION SHALL ADMINISTER BOTH THE PROGRAM AND THE
FUND.

13-407.

THE MONEYS IN THE FUND MAY BE USED TO MAKE DEFERRED PAYMENT
LOANS, SUBORDINATE TO OTHER FINANCING, TO APPROVED APPLICANTS FOR
THE NEW CONSTRUCTION OR SUBSTANTIAL REHABILITATION OF ELDERLY
RENTAL HOUSING.

13-408.

(A)  THE ADMINISTRATION SHALL REVIEW APPLICATIONS FOR LOANS
SUBMITTED BY PRIVATE OR NONPROFIT SPONSORS, COUNTIES,
MUNICIPALITIES, OR LOCAL HOUSING AGENCIES ESTABLISHED UNDER
ARTICLE 44A OF THE CODE ON BEHALF OF SPONSORS OF PROPOSED NEW
CONSTRUCTION OR SUBSTANTIAL REHABILITATION OF ELDERLY RENTAL
HOUSING.

(B)  THE ADMINISTRATION SHALL CONSIDER, IN APPROVING
APPLICATIONS FOR MONEYS FROM THE FUND AS PROVIDED IN § 13-407 OF
THIS SUBTITLE:

(1)  THE DEGREE OF LOCAL GOVERNMENT INCENTIVE AND
SUPPORT BEING PROVIDED TO THE PROPOSED RESIDENTIAL RENTAL
FACILITY SUPPORTED BY MONEYS FROM THE FUND, INCLUDING THE
CONTRIBUTION OF LAND, ABATEMENT OF TAXES OR FEES, DIRECT OR
INDIRECT RENTAL SUBSIDIES, AND GRANTS;

(2)  THE EXTENT TO WHICH LOW INCOME ELDERLY HOUSEHOLDS
WILL BE ASSISTED BY GRANTING THE APPLICATION;

(3)  THE NUMBER AND PERCENTAGE OF LOW INCOME ELDERLY
HOUSEHOLDS IN THE COUNTY OR MUNICIPALITY; AND

(4)  THE QUANTITY AND CONDITION OF RESIDENTIAL
PROPERTY IN THE COUNTY OR MUNICIPALITY.

13-409.

(A) IN CONSULTATION WITH THE MARYLAND HOUSING POLICY
COMMISSION, THE ADMINISTRATION SHALL ADOPT REGULATIONS REGARDING
APPLICATIONS FOR MONEYS FROM THE FUND, INCLUDING REGULATIONS ON
THE STANDARDS OF ELIGIBILITY, TERMS, AND FEES AND CHARGES WHICH
SHALL BE IMPOSED ON DEFERRED PAYMENT, SUBORDINATED LOANS.