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Session Laws, 2007
Volume 803, Page 3854   View pdf image
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Ch. 603 2007 Laws of Maryland
(A) A qualifying local government shall use Program funds for development
costs associated with a workforce housing development located in a priority funding
area in accordance with the 5-year consolidated plan or comprehensive plan of the
qualifying local government. (B) A QUALIFYING LOCAL GOVERNMENT MAY REQUEST THAT ITS
PROGRAM FUNDS OR MATCH BE EXPENDED BY THE DEPARTMENT THROUGH
THE DEPARTMENT'S EXISTING HOUSING PROGRAMS. 4-1809. With the consent of the Department, in appropriate circumstances, a qualifying
local government may extend the income eligibility limits for a workforce housing unit
developed with Program funds to include a household of low or moderate income. 4-1810. (a) The Secretary shall establish annually the maximum amount of Program
funds that a qualifying local government may use to develop a workforce housing unit. (b) The per unit maximum established by the Secretary shall [be equal to
approximately 10% of] TAKE INTO ACCOUNT the regional average construction costs
applicable to the qualifying local government for a comparable workforce housing unit. 4-1811. (a) Rental units developed under this subtitle shall remain affordable as
workforce housing for a period of at least 25 years. (b) If an [initial] ORIGINAL buyer of a homeownership workforce housing
unit developed through the Program transfers title to the unit at any time, the
[initial] ORIGINAL buyer shall [assign] PAY to the Department 100% of the combined
amount of Program funds and qualifying local government matching funds used to
develop the unit. (c) If an [initial] ORIGINAL buyer of a homeownership workforce housing
unit developed through the Program transfers title to the unit: (1) within 5 years of the date of purchase, the [initial] ORIGINAL
buyer shall [assign] PAY THE LESSER OF 20% of the net proceeds of transfer to the
Department OR A 5% ANNUAL RETURN ON THE PROGRAM FUNDS PROVIDED FOR
THE UNIT;
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Session Laws, 2007
Volume 803, Page 3854   View pdf image
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