WILLIAM DONALD SCHAEFER, Governor Ch. 220

(I)  TAKING INTO CONSIDERATION FACTORS

INCLUDING:

1.  THE AMOUNT OF THE TOTAL INCOME OF EACH
INDIVIDUAL EXPECTED TO RESIDE IN A HOME;

2.  THE SIZE OF THE HOUSEHOLD;

3.  THE COST OF AVAILABLE HOUSING
FACILITIES;

4.  THE ABILITY OF SUCH INDIVIDUALS TO
COMPETE SUCCESSFULLY IN THE CONVENTIONAL PRIVATE HOUSING MARKET;
AND

5.  PERTINENT STANDARDS AND DEFINITIONS
ESTABLISHED FOR FEDERAL HOUSING PROGRAMS;

(II)  WHICH LIMITS MAY DIFFER FOR DIFFERENT
TYPES OF HOUSING, TYPES OF FINANCING OFFERED BY THE PROGRAM, AND
REGIONS OF THE STATE; AND

(III)  WITHIN SUCH UPPER LIMITS, LOWER INCOME
LIMIT RANGES AND LOWER INTEREST RATES MAY BE ESTABLISHED FOR
LOANS TO HOUSEHOLDS WITH ADJUSTED ANNUAL INCOMES IN LOWER RANGES;

(6)  USE FEDERAL OR STATE PROGRAMS THAT COMPLEMENT OR
FACILITATE CARRYING OUT THE PROGRAM; AND

(7)  ADOPT RULES AND REGULATIONS TO CARRY OUT THE
PROGRAM IN CONFORMANCE WITH STATUTORY REQUIREMENTS.

(B) EXCEPT FOR LOANS MADE UNDER § 2-602(4) OF THIS
SUBTITLE, THE UPPER LIMITS ON ADJUSTED ANNUAL INCOME ESTABLISHED
UNDER SUBSECTION (A) OF THIS SECTION MAY NOT EXCEED, BUT MAY BE
LESS THAN, THE MEDIAN ANNUAL FAMILY INCOME.

[2-611.

(a)   If an individual applying for a loan is married and
lives with the spouse, both spouses shall apply.

(b)  Except as provided in subsections (c) and (d) of this
section to qualify for a loan, an applicant;

(1)  Shall have been domiciled in this State for at
least 1 year before filing the application;

(2)  Shall intend to live in the home to be financed;

(3)  May not own any other property used or usable as
a residence as of the time of closing;

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