WILLIAM DONALD SCHAEFER, Governor                   Ch. 411

(1)  A NONPROFIT ORGANIZATION;

(2)  AN INDIVIDUAL; OR

(3)  A LIMITED PARTNERSHIP IF:

(I)  ALL THE GENERAL PARTNERS QUALIFY AS A
NONPROFIT ORGANIZATION; AND

(II)  THE LIMITED PARTNERSHIP IS FORMED FOR THE
PURPOSE OF UNDERTAKING A GROUP HOME PROJECT THAT IS ELIGIBLE IN
WHOLE OR IN PART FOR FEDERAL LOW INCOME HOUSING TAX CREDITS.

[(h) "Nonprofit organization" means a corporation,

foundation, or other legal entity, no part of the net earnings of

which inures to the benefit of any private shareholder or
individual holding an interest in such entity.-}

13-306.

(c)  The Department shall:

(1)  Adopt policies to insure that loans are made only
to:

(i) Individuals who cannot otherwise finance
the purchase of a home OR THE PURCHASE AND REHABILITATION OF A
HOME; and

(ii) Group home sponsors who cannot otherwise
finance the purchase and modification of a group home;

(2)  Research and observe the mortgage market and
housing conditions in this State; and

(3)  Use federal programs that complement or
facilitate carrying out the Program.

(I) THE DEPARTMENT MAY PURCHASE, AND MAKE COMMITMENTS TO
PURCHASE, FROM MORTGAGE LENDERS, NOTES OR MORTGAGES, THAT
EVIDENCE RESIDENTIAL MORTGAGE LOANS MADE IN CONFORMANCE WITH THE
REQUIREMENTS OF THIS SUBTITLE AND ANY REGULATIONS OR PROGRAM
DIRECTIVES, AS APPROPRIATE, THAT GOVERN THE PROGRAM.

13-310.

(d)  Approval or execution by the Board of Public Works is
not required to:

(1)  ACQUIRE PROPERTY SECURING A LOAN IN DEFAULT;

(2)  ENCUMBER, SELL, OR OTHERWISE DISPOSE OF PROPERTY
ACQUIRED IN CONNECTION WITH A LOAN IN DEFAULT;

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