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Session Laws, 2007
Volume 803, Page 3850   View pdf image
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2007 Laws of Maryland
Ch. 603
[(g)] (H) "Net proceeds of transfer" means all amounts paid to the original
buyer or obligations of the original buyer assumed by a purchaser of a workforce
housing unit minus: (1) reasonable [transaction] costs PAID BY THE ORIGINAL BUYER; (2) [the sales price paid by the original buyer; (3) costs incurred by the original buyer for capital improvements to
the workforce housing unit; and (4) ] the combined amount of Program funds and qualifying local
government matching funds used to develop the workforce housing unit; AND (3) OTHER LIENS AS PERMITTED BY REGULATION BY THE
DEPARTMENT. [(h)] (I) "Priority funding area" has the meaning stated in § 5-7B-02 of the
State Finance and Procurement Article. [(i)] (J) "Program" means the Workforce Housing Grant Program. [(j)] (K) "Qualifying local government" means a county or municipal
corporation that qualifies for participation in the Program under § 4-1803 of this
subtitle. [(k)] (L) "Workforce housing" means: (1) rental housing that is affordable for a household with an aggregate
annual income between 50% and 100% of the area median income; or (2) homeownership housing that: (i) except as provided in item (ii) of this item, is affordable to a
household with an aggregate annual income between 60% and 120% of the area
median income; or (ii) in target areas that are recognized by the Secretary for
purposes of administering the Maryland Mortgage Program, is affordable to a
household with an aggregate annual income between 60% and 150% of the area
median income. 4-1802.
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Session Laws, 2007
Volume 803, Page 3850   View pdf image
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