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Ch. 291
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2007 Laws of Maryland
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(1) THE BORROWER HAS THE RIGHT TO REDEEM THE GROUND
RENT UNDER § 8-110 OF THIS ARTICLE; AND
(2) THE REDEMPTION AMOUNT CALCULATED UNDER § 8-110(B)
OF THIS ARTICLE IS FIXED BY LAW BUT MAY ALSO BE NEGOTIATED WITH THE
GROUND LEASE HOLDER FOR A DIFFERENT AMOUNT;
(3) IT MAY BE POSSIBLE TO INCLUDE THE AMOUNT OF THE
REDEMPTION IN THIS LOAN;
(4) FOR INFORMATION ON REDEEMING THE GROUND RENT, THE
BORROWER SHOULD CONTACT THE GROUND LEASE HOLDER; AND
(5) FOR INFORMATION ON INCLUDING THE AMOUNT OF THE
REDEMPTION IN THIS LOAN, THE BORROWER SHOULD CONTACT THE LENDER
OR CREDIT GRANTOR MAKING THIS LOAN.
SECTION 2. AND BE IT FURTHER ENACTED, That the Department of
Housing and Community Development shall study the feasibility of establishing a loan
program, or expanding an existing program, to assist families of limited income who
own homes subject to redeemable ground rents to redeem these ground rents, and
report its findings and the estimated cost of the program to the House Environmental
Matters Committee, the Senate Judicial Proceedings Committee, and the Senate
Education, Health, and Environmental Affairs Committee on or before December 1,
2008.
SECTION 3. 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 2007.
Approved by the Governor, May 8, 2007.
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CHAPTER 292
(Senate Bill 883)
AN ACT concerning
Ground Leases - Redemption - Preferred Interest Rate Loans
FOR the purpose of altering the purposes of the Maryland Home Financing Program
to include making preferred interest rate loans for the redemption of ground
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- 1892 -
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