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Ch. 292
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Martin O'Malley, Governor
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(2) MEET THE INCOME REQUIREMENTS SET BY THE
DEPARTMENT.
4-815.
(f) (4) FOR A PREFERRED INTEREST RATE LOAN UNDER § 4-804(6)
OF THIS SUBTITLE, THE DEPARTMENT MAY SET THE MAXIMUM AMOUNT OF THE
LOAN, INCLUDING THE MAXIMUM AMOUNT THAT MAY BE USED FOR THE
TRANSACTIONAL COSTS ASSOCIATED WITH THE REDEMPTION.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October July 1, 2007.
Approved by the Governor, May 8, 2007.
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CHAPTER 293
(House Bill 1284)
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
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.
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
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