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Ch. 292
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2007 Laws of Maryland
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demolition or lot consolidation, dwelling units that households of limited income can
afford to buy under a purchase or lease-purchase contract;
(4) emergency assistance loans to households of limited income who,
because of unemployment or other extraordinary hardship, cannot make current
mortgage payments on their homes and risk forfeiting the title to their homes; [and]
(5) reverse equity loans to elderly households of limited income for
housing related expenses or personal expenses that enable the owner to continue to
occupy the home; AND
(6) PREFERRED INTEREST RATE LOANS TO HOUSEHOLDS THAT
MEET INCOME STANDARDS SET BY THE DEPARTMENT FOR THE REDEMPTION OF
GROUND LEASES ON THEIR PRINCIPAL RESIDENCE, INCLUDING THE
TRANSACTIONAL COSTS ASSOCIATED WITH THE REDEMPTION.
4-806.
(c) (1) For each type of loan described in § 4-804 of this subtitle, the
Department periodically shall set:
(i) appropriate terms, INCLUDING DEFERRED PAYMENTS ON
PRINCIPAL AND INTEREST; and
(ii) a preferred interest rate that may be as low as 0.0% or as
high as is reasonable in light of the incomes of the proposed occupants.
(2) In setting these terms and interest rates, the Department shall
take into account rates available in the conventional private housing market and the
adjusted annual income and assets of prospective borrowers.
4-807.
(d) Except for loans made under § 4-804(4) AND (6) of this subtitle, the
upper limits on adjusted annual income established under subsection (a) of this
section may not exceed the median annual family income.
4-810.
(D) TO QUALIFY FOR A LOAN UNDER § 4-804(6) OF THIS SUBTITLE, AN
APPLICANT SHALL:
(1) OWN AND OCCUPY THE HOME AS THEIR THE APPLICANT'S
PRINCIPAL RESIDENCE; AND
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-1894 -
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