HARRY HUGHES, Governor

2195

(iii) For any loan financing [the] A
rehabilitation PROJECT FOR [of] a residential building, the
Department may set a lower rate or rates of interest if:

1.  The loans serve families of limited
income whose incomes do not exceed 80 percent of the maximum
income limits that the Secretary may establish[;

2.  The]   AND THE lower rate or rates are
not less than the greater of   60 percent of the actual interest
cost of moneys used to fund the  program or a rate of 4 percent;
[and] OR

2. THE LOANS SERVE EXCLUSIVELY FAMILIES
OF LIMITED INCOME WHOSE INCOMES ARE LOWER THAN THE INCOME LIMITS
ESTABLISHED IN SUBPARAGRAPH (III)(1) ABOVE, IN WHICH CASE THE
2. THE BUILDING IS TO BE OCCUPIED IN SUBSTANTIAL PART BY
FAMILIES OF LIMITED INCOME WHOSE INCOMES ARE LESS THAN 70 PERCENT
OF THE MAXIMUM INCOME LIMITS THAT THE DEPARTMENT MAY ESTABLISH IN
WHICH CASE THE LOWER RATE OR RATES MAY BE AS LOW AS ZERO PERCENT;
AND

3.  The Secretary determines that the
families of limited income served by these loans do not have
sufficient income to repay a loan at a higher rate or to pay rent
in an amount that would enable a sponsor OR A NONPROFIT SPONSOR
to repay a loan at a higher rate.

(iv) The Department shall include in its
request for appropriations for the program any information
requested by the Secretary of Budget and Fiscal Planning about
loans at lower rates of interest which shall include, at a
minimum, an estimate of the lower rates of interest at which
eligible loans may be made and the aggregate principal amount of
loans expected to be made at the lower rates in the coming fiscal
year.

(7)  The Department shall establish a maximum
percentage or amount of loans made from the fund which may be
used for nonresidential rehabilitation.

(8)  The program shall be administered to the maximum
extent possible in conjunction with federal programs assisting
rehabilitation of housing, so as to insure maximum utilization of
available federal funds.

(9)  The program shall be administered, to the maximum
extent possible, consistently with locally approved plans or
programs of concentrated neighborhood revitalization.

(d) (1) The Migratory Worker Housing Facilities Program is
created within the Maryland Housing Rehabilitation Program.