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Ch. 292
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Martin O'Malley, Governor
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leases under certain circumstances; authorizing the terms of loans that are set
by the Department of Housing and Community Development under the
Program to include certain deferred payments; exempting loans made under
this Act from certain income limits; requiring an applicant for a loan under this
Act to meet certain qualifications; authorizing the Department to set a
maximum amount for a loan under this Act; and generally relating to preferred
interest rate loans for the redemption of ground leases.
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BY repealing and reenacting, with amendments,
Article — Housing and Community Development
Section 4-804, 4-806(c), and 4-807(d)
Annotated Code of Maryland
(2006 Volume)
BY adding to
Article — Housing and Community Development
Section 4-810(d) and 4-815(f)(4)
Annotated Code of Maryland
(2006 Volume)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
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Article - Housing and Community Development
4-804.
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The purposes of the Program are to make, participate in making, and purchase:
(1) preferred interest rate loans to acquire, acquire and rehabilitate
with or without demolition or lot consolidation, or refinance a primary residence by:
(i) households of limited income that will occupy single-unit
primary residences; or
(ii) owner-occupants of residential buildings with not more than
four units, if each unit other than the owner's will be occupied by a household of
limited income;
(2) short-term construction loans to developers or nonprofit sponsors
to construct or rehabilitate dwelling units that households of limited income can
afford;
(3) short-term loans to nonprofit sponsors, as defined in Departmental
regulations, to acquire and construct or acquire and rehabilitate, with or without
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- 1893 -
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