WILLIAM DONALD SCHAEFER, Governor                            Ch. 412

(5)      Periodically set upper limits on adjusted annual income:
(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.

2-609.

(A) For short-term [construction] loans under § 2-602(2) of this subtitle, a
developer OR NONPROFIT SPONSOR shall:

(1)      Provide ACQUISITION AND construction costs, marketing data, and such
other information as may be required by the Department; and

(2)     (I) Have a commitment from the Department under § 2-611(j) of this
subtitle for permanent financing for the sale of the residences to be ACQUIRED, [built]
BUILT, or rehabilitated with the short-term [construction]loan; OR.

(II) HAVE APPROVAL FROM THE DEPARTMENT TO RENT THE
RESIDENCES SUBJECT TO A LEASE PURCHASE AGREEMENT ACCEPTABLE TO THE
DEPARTMENT.

(B) FOR SHORT-TERM LOANS UNDER § 2-602(3) OF THIS SUBTITLE, A NONPROFIT
SPONSOR SHALL:

(1) PROVIDE ACQUISITION AND CONSTRUCTION OR REHABILITATION
COSTS, MARKETING DATA, AND SUCH OTHER INFORMATION AS MAY BE REQUIRED BY
THE DEPARTMENT; AND

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