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Session Laws, 1987
Volume 769, Page 1736   View pdf image
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Ch. 311                                    LAWS OF MARYLAND

of the actual interest cost of moneys used to fund the program or
a rate of 4 percent; or

[2.] (II) 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.] (III) 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)] (4) 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)] (H) The Department shall establish a maximum
percentage or amount of loans made from the fund which may be
used for nonresidential rehabilitation.

[(8)] (I) 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)](J) The program shall be administered, to the
maximum extent possible, consistently with locally approved plans
or programs of concentrated neighborhood revitaiization.

[(d)(1)] 2-304. (A) The Migratory Worker Housing
Facilities Program is created within the Maryland Housing
Rehabilitation Program.

[(2)] (B) The Department shall operate the Program
and make migratory worker housing facilities loans from the fund
under the provisions of this; [section] SUBTITLE.

[(3)] (C) To the extent applicable, provisions for
migratory housing facilities loans shall satisfy the requirements
of [§ ll-702(c)(6)] §2-303(G) OF THIS SUBTITLE.

[(4)] (D) To qualify for a migratory housing
facilities loan, the owner of a migratory labor camp:

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Session Laws, 1987
Volume 769, Page 1736   View pdf image
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