WILLIAM DONALD SCHAEFER, Governor                           Ch. 412

purchase, and participate in making certain loans to nonprofit sponsors for the
acquisition, and construction, or rehabilitation, of certain residential units for sale
or lease-purchase; defining a term; clarifying certain program provisions; altering
certain mortgage loan requirements and terms; making technical changes; and
generally relating to the Maryland Home Financing Program.

BY adding to

Article 83B - Department of Housing and Community Development

Section 2-601(j)

Annotated Code of Maryland

(1991 Replacement Volume and 1993 Supplement)

BY repealing and reenacting, with amendments,

Article 83B - Department of Housing and Community Development

Section 2-602, 2-604(a), 2-609, and 2-611(d) and (f)

Annotated Code of Maryland

(1991 Replacement Volume and 1993 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 83B - Department of Housing and Community Development

2-601.

(J) "SHORT-TERM LOAN" MEANS A LOAN THAT IS EXPECTED TO BE TAKEN
OUT BY OTHER FINANCING WITHIN A PERIOD OF 7 YEARS OR LESS AS MAY BE
SPECIFIED IN THE LOAN DOCUMENTS.

2-602.

The purposes of the Program are to make, purchase, and participate in making:

(1)      Preferred . interest rate loans for the purchase, purchase and
rehabilitation, or refinancing of a primary residence by:

(i) Households of limited income who will occupy a single-unit
primary residence; or

(ii) Owner-occupants of residential buildings with no more than 4
units, where all units other than the owner's will be occupied by households of limited
income;

(2)      Short-term [construction] loans to developers for the ACQUISITION,
[construction] CONSTRUCTION, or rehabilitation of residential units affordable FOR
SALE OR LEASE-PURCHASE to households of limited income;

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