|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 603
|
|
|
|
|
|
Martin O'Malley, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) during the period that is more than 5 years but less than 15 years
from the date of purchase, the [initial] ORIGINAL buyer shall [assign] PAY to the
Department THE LESSER OF a percentage of the net proceeds of transfer that begins
at 20% and declines by 2% for each subsequent year of ownership OR A 5% ANNUAL
RETURN ON THE PROGRAM FUNDS PROVIDED FOR THE UNIT; and
(3) during the period that is 15 years or more from the date of
purchase, the [initial] ORIGINAL buyer is not required to [assign] PAY any portion of
the net proceeds of transfer to the Department.
(d) [Of the funds assigned to the Department under subsections (b) and (c) of
this section, the] THE Department shall distribute to the qualifying local government:
(1) OF THE FUNDS PAID BY THE ORIGINAL BUYER TO THE
DEPARTMENT UNDER SUBSECTION (B) OF THIS SECTION, AN AMOUNT EQUAL TO
the matching funds provided by the qualifying local government for the
homeownership workforce housing unit [that generated the net proceeds of transfer];
and
(2) OF THE FUNDS PAH) BY THE ORIGINAL BUYER TO THE
DEPARTMENT UNDER SUBSECTION (C) OF THIS SECTION, a proportionate share
[of the net proceeds of transfer] based on the amount of matching funds provided by
the qualifying local government for the homeownership workforce housing unit [that
generated the net proceeds of transfer].
(e) The Department and the qualifying local governments shall use the funds
received under this section to develop workforce housing under the Program.
(f) The contract of sale to the [initial] ORIGINAL buyer shall disclose ALL
THE REQUIREMENTS FOR REPAYMENT TO THE DEPARTMENT UNDER THIS
SECTION IN THE EVENT OF A TRANSFER OF TITLE, INCLUDING the combined
amount of Program funds and qualifying local government matching funds [that must
be assigned to the Department in the event of a transfer of title].
(g) [The deed to the initial buyer of a homeownership workforce housing unit
and a deed to a transferee for no consideration of a homeownership workforce housing
unit shall include:
(1) the requirements for repayment set forth in this section; and
(2) a provision creating a lien in favor of the Department against the
homeownership workforce housing unit for the amounts due upon sale as set forth in
this section.]
|
|
|
|
|
|
|
|
|
|
- 3855 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
