WILLIAM DONALD SCHAEFER, Governor Ch. 220

(c)  The Department may set a lower rate or rates of
interest if:

(1)  The loans serve borrowers whose incomes do not
exceed 80 percent of the maximum income limits that the
Department may establish;

(2)  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

(3)  The Secretary determines that the borrowers
served by these loans do not have sufficient income to repay a
loan at a higher rate.

(d)  For a loan to a group home sponsor, the Department may
set an interest rate lower than the interest rates otherwise
provided under this section, including an interest rate as low as
zero percent, if;

(1)  The Secretary determines that the group home
sponsor would otherwise be unable to provide a group home to
eligible low-income occupants; and

(2)  The group home is to be occupied in substantial
part by eligible occupants whose incomes are less than 70 percent
of the maximum income limits that the Department may establish.

(e)  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 rate or 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.]

[2-610.

(a)  Subject to the restrictions of this subtitle, the
Department, on application of a proposed mortgagor, may make a
loan at the preferred interest rate to the applicant.

(b)  To assure that the program does not infringe on the
private mortgage market, the Department may assign a mortgage to
or have a mortgage refinanced by another lender.

(c)  The Department may permit assumption of a mortgage if
the transferee would qualify as an original borrower under this
subtitle.

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

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