3410                                          LAWS OF MARYLAND                                     Ch. 732

(B) PRIORITY SHALL BE GIVEN TO APPLICANTS WHO HAVE
EXPERIENCE IN DEVELOPING LOW INCOME HOUSING AND WHO BRING
ADDITIONAL FINANCIAL OR TECHNICAL RESOURCES TO THE PROJECT.

(B) (C) THE CORPORATION SHALL CONSIDER, IN APPROVING
APPLICATIONS FOR MONEY FROM THE FUND AWARDS AS PROVIDED UNDER
THIS SUBTITLE:

(1)  THE EXTENT TO WHICH THE PROPOSED PROJECT WILL
PROVIDE HOUSING FOR THE LOWEST INCOME GROUPS.

(2)  REGIONAL COST VARIATIONS, VARIATIONS IN THE SIZE
OF UNITS, AND SERVICES WHICH WILL BE INCLUDED IN THE RENTALS;

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

(4)  THE QUANTITY AND CONDITION OF LOW INCOME RENTAL
HOUSING IN THE COUNTY OR MUNICIPALITY.

13-611.

(A)  THE CORPORATION SHALL ADOPT REGULATIONS REGARDING

APPLICATIONS FOR MONEY FROM THE FUND AWARDS, INCLUDING

REGULATIONS ON THE STANDARDS OF ELIGIBILITY, TERMS, AND FEES AND
CHARGES WHICH SHALL BE IMPOSED ON DEFERRED PAYMENT, SUBORDINATED
LOANS.

(B)  THE REGULATIONS SHALL SPECIFY PROVISIONS REGARDING THE
RECAPTURE FROM THE LOCAL GOVERNMENTS OR DEVELOPERS OF THE FUND
AWARDS MONEY IF THE MONEY IS AWARDS ARE NOT USED IN A TIMELY
MANNER.

13-612.

(A)(1) THE GOVERNOR MAY INCLUDE AN AMOUNT IN THE STATE
BUDGET EACH YEAR TO SUPPORT THE ACTIVITIES OF THE PROGRAM.

(B) NONSTATE FUNDS RECEIVED BY THE PROGRAM FROM ESCROW AND
TRUST ACCOUNTS SHALL BE ACCOUNTED FOR AND REPORTED AS RECEIPTS
AND DISBURSEMENTS, SEPARATE AND DISTINCT FROM STATE FUNDS.

13-613. 13-612.

(A) (1) THE ACCOUNTS OF THE CORPORATION SHALL BE AUDITED
ANNUALLY. THESE AUDITS SHALL BE CONDUCTED IN ACCORDANCE WITH
GENERALLY ACCEPTED AUDITING STANDARDS BY INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANTS.

(2) THE AUDITS SHALL BE CONDUCTED AT THE PLACE OR
PLACES WHERE THE ACCOUNTS OF THE CORPORATION ARE NORMALLY KEPT.
ALL BOOKS, ACCOUNTS, FINANCIAL RECORDS, REPORTS, FILES, AND OTHER
PAPERS OR PROPERTY BELONGING TO, OR IN USE BY, THE CORPORATION
THAT ARE NECESSARY TO FACILITATE THE AUDITS SHALL BE MADE
AVAILABLE TO THE PERSON CONDUCTING THE AUDITS. FULL FACILITIES