HARRY HUGHES, Governor

2223

(5) Shall be within the limits on adjusted annual
income set by the Department.

(c) The domicile requirement may be satisfied by either of
two spouses applying for a loan.

(D) TO QUALIFY FOR A LOAN, A GROUP HOME SPONSOR:

(1)  SHALL PROVIDE A GROUP HOME WHICH IS TO BE
OCCUPIED IN SUBSTANTIAL PART BY INDIVIDUALS OR FAMILIES WITHIN
THE LIMITS OF ADJUSTED ANNUAL INCOME MAXIMUM INCOME LIMITS SET BY
THE DEPARTMENT; AND

(2)  SHALL DEMONSTRATE THE CAPACITY TO MANAGE THE
GROUP HOME, PROVIDE NECESSARY SERVICES, AND REPAY THE LOAN.

13-313.

On application for a loan, the Department shall consider the
financial resources available to the applicant to finance the
purchase of the home OR GROUP HOME. The Department may not
approve a loan if it reasonably appears that the applicant has
sufficient down payment or could be expected to otherwise finance
the purchase.

13-315.

(a)  As to each loan, the Department may set:

(1)  The principal amount;

(2)  The maturity, which may not exceed 40 years;
[and]

(3)  The preferred interest rate; AND

(4)  THE REPAYMENT TERMS; AND

(5)  AN INCREASED RATE OF INTEREST OR ACCELERATED
PAYMENT OF PRINCIPAL AND INTEREST IF THE GROUP HOME BORROWER NO
LONGER QUALIFIES FOR THE LOAN.

(b)  (1) Subject to paragraph (2) of this subsection, as
long as it complies with any applicable federal treasury
regulations governing the borrowing of moneys by the State, a
loan shall permit:

(i) The interest rate to be increased:

1.  Variably; or

2.  To a stated rate; or

(ii) Acceleration of maturity.