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Martin O'Malley, Governor
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Ch. 603
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(D) THE FUND CONSISTS OF:
(1) MONEY APPROPRIATED BY THE STATE;
(2) REPAYMENTS OF PRINCIPAL AND PAYMENTS OF INTEREST ON
LOANS MADE UNDER THE WORKFORCE HOUSING GRANT PROGRAM;
(3) AMOUNTS PAID IN CONNECTION WITH TRANSFERS OF
HOMEOWNERSHIP WORKFORCE HOUSING UNITS;
(4) MONEY TRANSFERRED TO THE FUND IN ACCORDANCE WITH
THIS SUBTITLE; AND
(5) INVESTMENT EARNINGS OF THE FUND.
4-1801.
(a) In this subtitle the following words have the meanings indicated.
(b) "Affordable" means that housing costs do not exceed 30% of a household's
income.
(c) "Area median income" means the median household income for the area
adjusted for household size as published and annually updated by the United States
Department of Housing and Urban Development.
(d) "Development costs" means costs related to acquisition, site clearance
and preparation, relocation, construction, renovation, financing, refinancing,
engineering, or architectural plans.
(E) "FUND" MEANS THE WORKFORCE HOUSING FUND.
[(e)] (F) "Household of low or moderate income" means a household that a
qualifying local government determines cannot afford a sales price or rent sufficient to
induce private enterprise in the area of the qualifying local government to develop
enough adequate and safe housing without the assistance of a program.
[(f)] (G) "Housing costs" means:
(1) rent for a rental housing unit; or
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(2) mortgage principal and interest, real property taxes, and insurance
for a housing unit that is for sale.
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- 3849 -
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