reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-225 - Financing Procedures -- in General

(a)    The Administration shall administer a program of financial assistance for:
(1)    community development projects;
(2)    energy conservation projects;
(3)    home improvement projects;
(4)    public purpose projects;
(5)    solar energy projects;
(6)    special housing facilities; and
(7)    business projects.
(b)    The Administration shall provide financial assistance for projects and facilities under this section with money that the Administration can get for them from any source, including:
(1)    payments under federal law;
(2)    bonds or notes issued by the Administration;
(3)    bonds or notes issued by the State; and
(4)    mortgage-backed securities and proceeds of investments in them.
(c)    A loan for a home improvement project having a principal balance exceeding $5,000 shall be secured by a mortgage.
(d)    Subject to an agreement with noteholders or bondholders, the Administration may consent that a loan, loan commitment, or agreement to which the Administration is a party be modified as to:
(1)    the interest rate;
(2)    the time of payments of an installment of principal or interest;
(3)    security; or
(4)    any other term.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-226 - Financing Procedures -- Powers of Administration

(a)    (1)    In connection with property on which it holds a mortgage, the Administration may:
(i)    foreclose on the property;
(ii)    begin an action to protect or enforce a right conferred on the Administration by law or any agreement;
(iii)    bid for and purchase the property at a foreclosure or other sale; and
(iv)    acquire and take possession of the property.
(2)    In an action under this subsection, the Administration may:
(i)    complete, administer, and pay the principal of and interest on an obligation incurred in connection with the property; and
(ii)    dispose of and otherwise deal with the property, so as to protect the interests of the Administration.
(b)    (1)    This subsection does not apply to a lien held in connection with a public purpose project.
(2)    The Administration may not lend money on the security of property unless the lien on the property is superior to all other liens, except for:
(i)    a lien for taxes owed to the State or a political subdivision; or
(ii)    an earlier mortgage lien.
(c)    (1)    At public or private sale and with or without public bidding, the Administration may sell a mortgage or other obligation that the Administration holds.
(2)    The Administration may retain the servicing rights and charge servicing fees for any mortgage or other obligation the Administration sells.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-227 - Energy Conservation and Solar Energy Financing

(a)    The Administration shall coordinate the promotion of its programs of financial assistance for energy conservation projects with the energy conservation promotion programs of the Maryland Energy Office.
(b)    (1)    The Administration shall adopt regulations to establish and implement programs of financial assistance for energy conservation projects and solar energy projects.
(2)    These regulations shall be consistent with the provisions of this subtitle that generally concern the powers of the Administration to award financial assistance for energy conservation projects and solar energy projects.
(c)    The regulations shall include provisions about:
(1)    eligibility and application requirements;
(2)    interest rates, maximum loan amounts, and the terms of loans;
(3)    allocations of money among classes of eligible buildings;
(4)    credit and underwriting requirements; and
(5)    warranties, representations, forms of security, certifications, inspections, audits, and any other means of ensuring compliance with and enforcing the terms of financial assistance awarded under this subtitle.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-228 - Infrastructure Financing

(a)    To finance infrastructure projects, the Administration may:
(1)    make, purchase, and participate in making loans;
(2)    purchase local obligations issued to finance such projects; and
(3)    provide any other form of financial assistance other than grants.
(b)    All transactions under subsection (a) of this section shall be evidenced by instruments containing the terms and conditions necessary to secure payment of all obligations and charges due to the Administration.
(c)    Subject to an agreement with holders of its bonds, notes, or other obligations, the Administration may consent that a loan, local obligation, commitment, instrument, or agreement that the Administration holds or to which it is a party may be modified as to:
(1)    interest rate;
(2)    time of payment of any installment of principal or interest;
(3)    security; or
(4)    any other term.
(d)    (1)    In connection with any security that it receives or owns, including a local obligation, the Administration may:
(i)    sue to protect or enforce its rights under any law or agreement; or
(ii)    acquire or take possession of the security.
(2)    If the Administration begins such an action, it may:
(i)    administer the security;
(ii)    pay the principal and interest on any obligation incurred in connection with the security;
(iii)    dispose of the security; and
(iv)    otherwise deal with the security so as to protect the Administration’s interests.
(e)    The Administration may sell a loan, agreement, local obligation, or other obligation that it holds at public or private sale with or without public bidding.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-229 - Infrastructure Financing -- Local Obligations

(a)    (1)    If the Administration purchases a local obligation, the procedures and requirements for the issuance or sale of the local obligation shall be as provided in §§ 4–230 through 4–233 of this subtitle.
(2)    Notwithstanding any other public general law or public local law, charter, or ordinance, an issuer of a local obligation may sell a local obligation to the Administration to finance an infrastructure project:
(i)    at private or public sale, with or without public bidding;
(ii)    without limitation on the denomination of the local obligation; and
(iii)    at any interest rate, cost, or price that the issuer considers necessary or desirable.
(3)    The issuer of a local obligation may pay any fee or charge necessary for the Administration to:
(i)    sell bonds, notes, or other obligations of the Administration;
(ii)    provide the financial assistance authorized by § 4–228 of this subtitle;
(iii)    provide any other guarantee, credit enhancement, or additional security for a note, bond, or obligation of the Administration; or
(iv)    insure obligations of the issuer or of the Administration.
(b)    (1)    Notwithstanding any other public general law, public local law, charter, or ordinance, to enhance the security or the marketability of the bonds, notes, or obligations of the Administration that are sold to finance an infrastructure project:
(i)    a political subdivision may agree with the Administration to pledge any money, including a share of income tax, that the political subdivision is entitled to receive from the State; and
(ii)    if a political subdivision is a county, the county may agree with the Administration to pledge, on behalf of a municipal corporation located in the county, any money, including a share of income tax, that the county is entitled to receive from the State.
(2)    In accordance with a pledge under paragraph (1) of this subsection, the Comptroller and the State Treasurer shall cause the money pledged to be paid to the Administration or a trustee that the Administration designates.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-230 - Issuing Procedures of Local Obligations

(a)    (1)    Notwithstanding any other public general law, or public local law, charter, or ordinance, a political subdivision or a governmental unit of a political subdivision may issue a local obligation to be purchased by the Administration for infrastructure projects.
(2)    A local obligation shall be issued in accordance with this section.
(3)    Each local obligation must be authorized by resolution or ordinance of the governing body of the issuer.
(b)    (1)    Before a local obligation is issued under this section:
(i)    the issuer shall publish a notice of the proposed issuance in a newspaper of general circulation in the jurisdiction of the issuer; and
(ii)    the governing body of the issuer shall hold a public hearing on the proposed issuance.
(2)    The notice shall include the proposed amount of the issue, the nature of the infrastructure project to be financed, the time and place of the public hearing, and the name and address of the governing body where written comments may be sent.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-231 - Contents of Enabling Resolution or Ordinance

(a)    A resolution or ordinance that authorizes a local obligation shall contain:
(1)    a statement of the public purpose for which the proceeds of the local obligation are to be spent;
(2)    the form of the local obligation, including:
(i)    each place and time of payment;
(ii)    each interest rate or maximum interest rate;
(iii)    the titles of the officials whose signatures shall be on it;
(iv)    a reference to this part as the authority for issuing it; and
(v)    the taxes or special revenues from which the principal and interest will be payable;
(3)    a provision for the disposition of the proceeds of sale of the local obligation;
(4)    a provision that the principal and interest shall be payable to the Administration or its designee;
(5)    a provision for payment of the principal and interest that specifies each source of payment;
(6)    a provision that the local obligation is a valid and binding obligation of the issuer in accordance with its terms even if an official whose signature appears on the local obligation:
(i)    ceases to be an official before the local obligation is delivered; or
(ii)    becomes an official after the date of the issue; and
(7)    any other provision that is not inconsistent with this subsection and that the governing body of the issuer considers appropriate, including a provision that:
(i)    the chief elected official of the issuer may modify the forms adopted by the resolution or ordinance without altering the substance of the forms;
(ii)    the official signatures and seals to be affixed to a local obligation may be imprinted in facsimile, except for the signature of the clerk or secretary of the issuer, which shall be affixed manually;
(iii)    subject to terms that the Administration specifies, if the local obligation contains a statement of redemption provisions that is acceptable to the Administration all or a portion of a local obligation is redeemable at the option of the issuer at any time before maturity at the price, at or above the par value of the local obligation, that is acceptable to the Administration and set in the enabling resolution or ordinance; and
(iv)    a local obligation may be in any denomination that is acceptable to the Administration and shall be in fully registered form.
(b)    A provision under subsection (a)(5) of this section is a covenant binding the issuer to provide the money from the specified source or sources when principal and interest become due and payable.
(c)    (1)    A local obligation that an issuer issues under this part shall have all the attributes of a negotiable instrument under § 19–224 of the Local Government Article.
(2)    The principal of and interest on a local obligation in the hands of its owner are exempt from taxation by the State or a political subdivision.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-232 - Authorization of Resolution or Ordinance

(a)    (1)    Each ordinance or resolution enacted under this section:
(i)    shall be adopted by the governing body of the issuer;
(ii)    shall be approved by the chief executive officer, if any, of the issuer; and
(iii)    shall have the force of law.
(2)    Except as provided in subsection (b) of this section, an ordinance, a resolution, or the question of the issuance of local obligations authorized by an ordinance or resolution need not be submitted to a referendum of the qualified voters of the issuer.
(b)    The qualified voters of a political subdivision may petition to referendum an ordinance or resolution that authorizes the issuance of local obligations, if:
(1)    the charter of the political subdivision authorizes the voters to do so; and
(2)    the petition is filed not later than 20 days after the ordinance or resolution is adopted by the governing body of the political subdivision.
(c)    An ordinance or resolution authorizing the issuance of local obligations:
(1)    may be adopted at the public hearing required under § 4-230(b) of this subtitle or at another regular or special session of the governing body; and
(2)    shall be effective on the date adopted and approved.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-232.1 - Pledge by County to Secure Local Obligations

(a)    Each issuance by a municipal corporation of a local obligation under § 4–230 of this subtitle may be secured by a pledge from the county in which the municipal corporation is located.
(b)    To secure a local obligation under § 4–230 of this subtitle, a county may pledge on behalf of a municipal corporation located in the county:
(1)    the faith and credit of the county; or
(2)    specific revenue of the county.
(c)    (1)    A pledge by a county under this section shall be authorized by an ordinance or a resolution of the county.
(2)    Each ordinance or resolution enacted under this section shall:
(i)    be adopted by the governing body of the county;
(ii)    be approved by the chief executive officer, if any, of the county; and
(iii)    have the force of law.
(d)    (1)    Subject to paragraph (2) of this subsection, if a local obligation is secured under this section by a pledge of the faith and credit of a county to make prompt payment from the tax and other revenues described in the enabling resolution or ordinance:
(i)    the pledge is a covenant to levy taxes sufficient to pay the principal of and interest on the local obligation when due:
1.    on all real and tangible personal property that is within the corporate limits of the county and subject to assessment for unlimited ad valorem taxation; and
2.    in each year in which the local obligation is outstanding; and
(ii)    if at the time of issuance of a local obligation there is a charter or statutory limit on the power of the county to levy property taxes, the pledge is a covenant to levy ad valorem taxes, within that limit, sufficient to pay the principal of and interest on the local obligation:
1.    on all real and tangible personal property that is within the corporate limits of the county and subject to assessment for ad valorem taxation; and
2.    in each year in which the local obligation is outstanding.
(2)    (i)    A county may not make a pledge under this section if the pledge would cause the county to exceed any limit set, by the charter of the county or by statute, on the power of the county to make the pledge.
(ii)    Notwithstanding subparagraph (i) of this paragraph, a limit on the power of a county to make a pledge that is imposed after the issuance of a local obligation that is secured by a pledge under this section does not affect that local obligation.
(e)    If a local obligation is secured under this section by a pledge of specific revenue of a county, the specific revenue of the county may include:
(1)    payments to the issuer from the State or federal government;
(2)    special benefit assessments, taxes, fees, or service charges that the county has authority to impose, levy, or charge; and
(3)    revenue of the county expected to be generated by the infrastructure project to be financed.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-233 - Pledges Securing Local Obligations

(a)    Each issuance of a local obligation under § 4-230 of this subtitle shall be secured by, at the discretion of the Administration, a pledge of the faith and credit of the issuer or a pledge of specific revenue of the issuer or the facility being financed as designated and described in the authorizing ordinance or resolution.
(b)    If a local obligation is secured by a pledge of the faith and credit of the issuer to make prompt payment from the tax and other revenues described in the enabling resolution or ordinance:
(1)    the pledge is a covenant to levy taxes sufficient to pay the principal of and interest on the local obligation when due:
(i)    on all real and tangible personal property that is within the issuer’s corporate limits and subject to assessment for unlimited ad valorem taxation; and
(ii)    in each year in which the local obligation is outstanding;
(2)    if at the time of issuance of a local obligation there is a charter or statutory limit on the power of the issuer to levy property taxes, the pledge is a covenant to levy ad valorem taxes, within that limit, sufficient to pay the principal of and interest on the local obligation:
(i)    on all real and tangible personal property that is within the issuer’s corporate limits and subject to assessment for ad valorem taxation; and
(ii)    in each year in which the local obligation is outstanding;
(3)    a local obligation may not be issued if the issuance would cause the issuer to exceed any limit set by the charter of the issuer or by statute on the power of the issuer to incur indebtedness; and
(4)    notwithstanding item (3) of this subsection:
(i)    a limit on the power to incur indebtedness imposed after the issuance of a local obligation does not affect that obligation; and
(ii)    outstanding local obligations of an issuer are not affected by the issuance of a new local obligation if the new obligation is consistent with an increase in or the elimination of a limit on the power to incur indebtedness.
(c)    (1)    An issuer of a local obligation under § 4-230 of this subtitle may secure payment by the pledge of specific revenues of the issuer.
(2)    If a local obligation issued under § 4-230 of this subtitle is secured by the pledge of specific revenue, the specific revenue may include:
(i)    payments to the issuer from the State or federal government;
(ii)    special benefit assessments, taxes, fees, or service charges that the issuer has authority to impose, levy, or charge; or
(iii)    revenue expected to be generated by the facility to be financed.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-233.1 - Capital Reserve Fund

(a)    (1)    In this section the following words have the meanings indicated.
(2)    “Capital reserve fund” means a reserve fund created under this section.
(3)    “Minimum capital reserve requirement” means the minimum capital reserve amount established by the Administration for a capital reserve fund in connection with the issuance of bonds, notes, or other obligations of the Administration in connection with the financing of one or more infrastructure projects.
(b)    The Administration may establish one or more capital reserve funds in connection with the financing of one or more infrastructure projects.
(c)    Money in a capital reserve fund shall be used solely to pay the principal of, and premium and interest on, the bonds, notes, or other obligations of the Administration:
(1)    secured by the capital reserve fund; and
(2)    issued in connection with financing infrastructure projects.
(d)    A capital reserve fund may consist of:
(1)    money appropriated in the State budget for the purposes of the capital reserve fund;
(2)    proceeds of a sale of bonds, notes, or other obligations of the Administration or the State;
(3)    investment earnings of the capital reserve fund; and
(4)    any other money from any other source accepted for the benefit of a capital reserve fund.
(e)    (1)    If the balance of a capital reserve fund is less than the minimum capital reserve requirement established by the Administration for that fund, the Administration:
(i)    may not use money from the fund for the optional purchase or redemption of a bond, note, or other obligation of the Administration; and
(ii)    shall replenish the fund from available operating revenue generated by infrastructure projects or funds provided by the State.
(2)    If available operating revenue generated by infrastructure projects and funds provided by the State are insufficient to replenish a capital reserve fund as required under paragraph (1) of this subsection, the Administration shall request that the Comptroller advance the contingent funding to replenish the capital reserve fund as provided in the Local Government Infrastructure Financing Program Capital Reserve Fund Loan of 2009 (Chapter 719 (S.B. 932/H.B. 1330) of the Acts of the General Assembly of 2009) or any other bond bill enabling act for this purpose.
(f)    (1)    Except as provided in paragraph (2) of this subsection, the Administration may not issue bonds, notes, or other obligations secured in whole or in part by a capital reserve fund if on issuance the amount in the capital reserve fund will be less than the minimum capital reserve requirement.
(2)    The limitation under paragraph (1) of this subsection does not apply if at the time of issuance an amount is deposited in the capital reserve fund so that on issuance the total amount in the capital reserve fund will be at least equal to the minimum capital reserve requirement.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-234 - Guarantee of Loans

(a)    In this section, “government–sponsored enterprise” means the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank, or other agency or instrumentality of or chartered by the federal government that has similar powers.
(b)    (1)    To finance community development projects, public purpose projects, or residential mortgage loans, the Administration may purchase or issue securities that are backed by mortgage loans and guaranteed by the Government National Mortgage Association or a government–sponsored enterprise.
(2)    To finance business projects, the Administration may purchase or issue securities that are backed by loans or other obligations.
(c)    (1)    Notwithstanding inconsistent provisions of this subtitle relating to bonds or notes that the Administration purchases or issues, the issuance, terms, and conditions of a security that the Administration issues under this section may be as the Administration finds necessary or desirable for guaranty by:
(i)    the Government National Mortgage Association or a government–sponsored enterprise, for projects or loans described under subsection (b)(1) of this section; or
(ii)    the Maryland Housing Fund, a private entity, or a government–sponsored enterprise, for projects described under subsection (b)(2) of this section.
(2)    Except as provided by paragraph (1) of this subsection, the provisions of this subtitle that relate to bonds or notes issued by the Administration apply to securities purchased or issued under this section.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-236 - Mortgage Lenders

In carrying out this section and §§ 4-237 through 4-241 of this subtitle, the Administration may not make a loan to a mortgage lender or purchase a mortgage loan from a mortgage lender unless the mortgage lender is:
(1)    a bank, trust company, savings institution, savings and loan association, national bank association, mortgage banker, or other financial institution that:
(i)    has an office in the State; and
(ii)    makes or originates residential mortgage loans;
(2)    an insurance company authorized to do business in the State; or
(3)    the Maryland Home Financing Program.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-238 - Commitment to Purchase Mortgage Loans

(a)    (1)    New mortgage loans that the Administration purchases shall be loans to:
(i)    families of limited income;
(ii)    sponsors of community development projects; or
(iii)    homeowners:
1.    with primary residences located in sustainable communities;
2.    who refinance a residential mortgage loan made by the Department or Administration; or
3.    who use the loan proceeds to:
A.    purchase the homeowner’s primary residence and make payments on the homeowner’s student loan debt; or
B.    purchase the homeowner’s primary residence in conjunction with the homeowner obtaining separate financial assistance from the Administration for making payments on the homeowner’s student loan debt.
(2)    A commitment that the Administration makes to purchase new mortgage loans shall specify:
(i)    the interest rate on loans eligible for purchase, which may not exceed the prevailing interest rate on comparable mortgage loans available in the State, independent of public assistance or purchase; and
(ii)    the numbers or volumes of loans under the commitment to be made in specific geographic areas.
(3)    For any residential mortgage loans to be used to acquire homes for families of limited income, the commitment shall be limited to loans of a specified amount per dwelling unit, based on the current average sale price of new homes in the area, as determined by the Administration.
(b)    A commitment that the Administration makes to purchase existing mortgages shall require that the proceeds of the purchase be:
(1)    reinvested, within specified time limits, in new mortgage loans to:
(i)    families of limited income; or
(ii)    sponsors of community development projects; or
(2)    invested in short-term obligations pending the purchase or making of the mortgages.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-240 - Certificate of Mortgage Lender

(a)    Except as provided in subsection (c) of this section, a mortgage lender shall make a certificate under this section for every residential mortgage loan that the lender makes under a purchase commitment by the Administration with:
(1)    the proceeds of purchase of a mortgage loan by the Administration; or
(2)    the proceeds of a loan from the Administration.
(b)    The certificate shall state that in the mortgage lender’s opinion, based on information given by the mortgagor and on the lender’s knowledge of the prevailing terms and standards of mortgage lending in the area, the mortgagor could not get a mortgage loan on the property in the unassisted private lending market.
(c)    The Secretary may waive the requirement for the mortgage lender’s certificate for a residential mortgage loan to a homeowner:
(1)    if the homeowner’s primary residence is located in a sustainable community, for the purchase or rehabilitation of the homeowner’s primary residence;
(2)    for the refinancing of a residential mortgage loan of the homeowner if the loan was made by the Department or Administration; or
(3)    for either of the purposes specified in § 4–237(a)(1)(v) of this subtitle.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-241 - Assignment and Assumption of Residential Mortgage Loans

Except as required to qualify for insurance or guaranty by the federal government, a residential mortgage loan may not be assigned to or assumed by a person not qualified under the appropriate Administration program if the residential mortgage loan is:
(1)    a new loan that the Administration purchases or in which the Administration purchases an interest;
(2)    a loan made with the proceeds of purchase by the Administration of a residential mortgage; or
(3)    a loan made with the proceeds of a loan from the Administration to a mortgage lender.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part IV - Financing › Section 4-242 - Priority to Selling Residential Property Owned by Administration

In providing financial assistance to a homeowner that includes the purchase of the homeowner’s primary residence and payments on the homeowner’s student loan debt, the Administration shall give priority to selling residential property that is owned by the Administration.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part V - Development Expenditures; Administration Bonds and Notes › Section 4-244 - Powers of Administration

(a)    The Administration may provide financial assistance, meet any development cost, or carry out any other of its purposes by spending:
(1)    money appropriated by the General Assembly;
(2)    the proceeds of a State loan to the extent provided by the General Assembly or a governmental unit authorized to issue bonds;
(3)    the proceeds of the bonds, notes, or other evidences of indebtedness that the Administration issues, payable solely from revenues of the Administration as provided in this part; or
(4)    any other money available to the Administration for community development under this subtitle:
(i)    from its own operations;
(ii)    from investment of the proceeds of its bonds, notes, or other indebtedness; or
(iii)    from any other public or private source.
(b)    (1)    Except as otherwise provided in a determination made under this section, the Administration shall deposit with the State Treasurer any money that it does not need to meet current expenses and obligations.
(2)    The State Treasurer shall:
(i)    credit the money to the Administration;
(ii)    invest the money as provided by statute; and
(iii)    credit earnings from the money to the Administration.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part V - Development Expenditures; Administration Bonds and Notes › Section 4-246 - Renewal and Refunding

(a)    By written determination, the Administration may provide for the issuance of notes to renew its notes, and bonds to pay its notes or to fund or refund its bonds, whether or not the bonds to be refunded have matured, including the payment of any redemption premium and any interest accrued or to accrue on the notes or bonds to be renewed, paid, or refunded.
(b)    The issuance and incidents of renewal notes and refunding bonds are governed by applicable provisions of this part.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part V - Development Expenditures; Administration Bonds and Notes › Section 4-247 - Trust Agreement

(a)    (1)    Bonds or notes that the Administration issues may be secured by a trust agreement between the Administration and a trustee that is in or out of the State.
(2)    A trustee shall be a trust company or a bank with trust powers.
(b)    A trust agreement or a determination authorizing the issuance of bonds or notes may contain:
(1)    subject to then–existing agreements with bondholders or noteholders, provisions to secure payment of bonds or notes by pledging or assigning:
(i)    any of the revenues of the Administration;
(ii)    a mortgage that the Administration holds, a loan that the Administration has made, or security for the mortgage or loan;
(iii)    the proceeds of a bond or note of the Administration; or
(iv)    any combination of these and other assets of the Administration;
(2)    provisions to protect and enforce rights and remedies of bondholders or noteholders, and covenants stating the duties of or restrictions on the Administration;
(3)    provisions restricting the rights of bondholders or noteholders;
(4)    provisions that appoint one or more trust companies or banks with trust powers to act as depositaries of the proceeds of bonds or notes or of any revenues or money of the Administration, with any indemnifying bonds or securities required by the Administration allowed to be given or pledged by any depositary bank or trust company incorporated in the State;
(5)    provisions on the custody, safeguarding, and application of money of the Administration;
(6)    provisions on investments of money of the Administration as the Administration provides, notwithstanding §§ 17–101 and 17–102 of the Local Government Article and §§ 6–202, 6–205, 6–206, 6–209, and 6–210 of the State Finance and Procurement Article;
(7)    provisions that establish and control all aspects of reserves, including debt service reserves;
(8)    provisions for funding or refunding bonds or notes, including redemption premiums and interest; and
(9)    any other provisions that are reasonable and proper for the security of bondholders or noteholders.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part V - Development Expenditures; Administration Bonds and Notes › Section 4-248 - Repayment; Lien

(a)    (1)    The interest rate or rates on and the terms of any loans and the revenues from the terms of any other assets that are financed from the proceeds of bonds or notes of the Administration, any fees that the Administration charges, and any other available revenues shall be at least sufficient to ensure repayment in full of the principal of and interest on the bonds or notes as and when due.
(2)    Any pledge that the Administration makes is valid and binding from the time the pledge is made.
(b)    The lien of the pledge:
(1)    immediately attaches, without any physical delivery or further act, to revenues or property so pledged and later received by the Administration; and
(2)    is valid and binding against each person having a claim against the Administration whether or not:
(i)    the person has notice of the lien of the pledge; or
(ii)    the determination or any other instrument has been recorded or filed.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part V - Development Expenditures; Administration Bonds and Notes › Section 4-249 - Repurchase; Redemption

(a)    Subject to agreements with noteholders or bondholders, the Administration may purchase its notes or bonds with any money available for the purchase.
(b)    The purchase price may not exceed:
(1)    the redemption price at the time of the purchase, plus accrued interest to the next interest payment date, if the note or bond is redeemable, at the time of the purchase; or
(2)    the redemption price on the first date after the purchase on which the note or bond becomes redeemable, plus accrued interest to that date, if the note or bond is not redeemable at the time of the purchase.
(c)    When the Administration purchases its note or bond, the note or bond shall be canceled.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part V - Development Expenditures; Administration Bonds and Notes › Section 4-250 - Bond or Note of Administration -- Legal Status

(a)    A bond or note issued by the Administration under this part is a legal and proper investment for:
(1)    a public officer, a political subdivision, or a governmental unit;
(2)    a bank, trust company, savings and loan association, investment company, or other person doing a banking business;
(3)    an insurance company, insurance association, or other person doing an insurance business;
(4)    a personal representative, guardian, trustee, or other fiduciary; or
(5)    any other person.
(b)    For any purpose for which the deposit of a bond or other obligation of the State is authorized by law, a bond issued by the Administration under this part is a security that may legally and properly be deposited with and received by a public officer, a political subdivision, or a governmental unit.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part V - Development Expenditures; Administration Bonds and Notes › Section 4-251 - Bonds and Notes Not State Debts

(a)    A bond or note issued under this part:
(1)    is not a debt of and does not pledge the faith, credit, or taxing power of the State, the Administration, or a political subdivision; but
(2)    is payable only from the revenues and property provided for in this subtitle.
(b)    Each bond or note shall state on its face the provisions of subsection (a) of this section.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part V - Development Expenditures; Administration Bonds and Notes › Section 4-252 - Tax-Exempt Status

The following are exempt at all times from taxation of every kind and nature whatsoever by the State, a political subdivision, or a governmental unit of any kind:
(1)    a bond or note that the Administration issues under this part;
(2)    the transfer of, interest payable on, or income derived from the bond or note; and
(3)    profit realized by the sale or exchange of the bond or note.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part V - Development Expenditures; Administration Bonds and Notes › Section 4-253 - Interest Rate Exchange Agreements

To improve the management of debt issued under the provisions of this part or to reduce the cost of servicing the debt, the Administration may enter into interest rate exchange agreements or contracts providing for payments based on levels of or changes in interest rates.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 2 - Community Development Administration › Part VI - Prohibited Acts; Penalties › Section 4-255 - False Statements or Reports

(a)    A person may not knowingly make or cause to be made a false statement or report in a document required to be submitted to the Administration by an agreement relating to a loan.
(b)    A person applying for a loan may not knowingly make or cause to be made a false statement or report to influence the action of the Administration on a loan application or to influence an action of the Administration affecting a loan already made.
(c)    A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 5 years or a fine not exceeding $50,000 or both.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 3 - Down Payment and Settlement Expense Loan Program › Section 4-301 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Eligible homebuyer” means an individual who meets the qualifications under § 4-305 of this subtitle.
(c)    “Fund” means the Homeownership Programs Fund.
(d)    (1)    “Homebuyer education” means instruction in preparing for homeownership, shopping for a home, getting a mortgage loan, loan closing, and life as a homeowner.
(2)    “Homebuyer education” includes housing counseling.
(e)    “Program” means the Down Payment and Settlement Expense Loan Program.
(f)    “Program loan” means a loan that the Department makes under this subtitle.
(g)    (1)    “Settlement expenses” means money that must be paid at the time of the purchase of real estate.
(2)    “Settlement expenses” includes:
(i)    fees and premiums for title examination, title insurance, and similar expenses;
(ii)    fees for preparing deeds, settlement statements, and other documents;
(iii)    payments owed at settlement for property taxes and hazard insurance coverage;
(iv)    escrows for future payments of taxes and hazard insurance;
(v)    fees for notarizing deeds and other documents;
(vi)    appraisal fees;
(vii)    fees for credit reports;
(viii)    transfer and recordation taxes and fees;
(ix)    fees and premiums for mortgage insurance; and
(x)    loan discount points and origination fees.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 3 - Down Payment and Settlement Expense Loan Program › Section 4-304 - Powers and Duties of the Department

(a)    The Department may:
(1)    charge an application fee or other fee to a Program loan applicant or lender;
(2)    purchase or make commitments to purchase Program loans made by mortgage lenders;
(3)    make contracts with third parties to make or service mortgage Program loans made for the Department;
(4)    acquire any property that secures a Program loan under this subtitle by gift, purchase, foreclosure, or otherwise, and sell or otherwise dispose of the property or an interest in the property;
(5)    delegate to a political subdivision any administrative or operational element of the Program not assigned to the Department under subsection (b) of this section;
(6)    take any other action necessary or convenient to operate the Program; and
(7)    require a political subdivision that administers its own down payment and settlement expense loan program to inform the Department of the political subdivision’s homebuyer education requirements.
(b)    The Department shall:
(1)    administer the Program;
(2)    attach to a Program loan the terms needed to carry out the Program;
(3)    establish eligibility standards for Program loans, considering State, regional, and county housing costs, median incomes, and household sizes;
(4)    establish guidelines to determine what parts of the down payment and settlement expenses may be covered by the Program loan; and
(5)    adopt regulations to carry out the Program.
(c)    The sale or purchase of property that the Department acquires or disposes of under this section need not be approved or executed by the Board of Public Works or the Department of General Services.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 3 - Down Payment and Settlement Expense Loan Program › Section 4-305 - Eligible Homebuyer

An individual qualifies as an eligible homebuyer if the individual:
(1)    will purchase and occupy a single-unit principal residence and has household income not exceeding upper limits that the Secretary establishes; or
(2)    will purchase and occupy a residential building with no more than four units and agrees to rent all units other than the owner’s unit to households with income not exceeding upper limits that the Secretary establishes.
2023 Maryland Statutes › Housing and Community Development › Division I - Housing and Community Programs › Title 4 - Division of Development Finance › Subtitle 3 - Down Payment and Settlement Expense Loan Program › Section 4-307 - Program Loans

(a)    Proceeds of a Program loan shall be used only to make a down payment or pay settlement expenses for an eligible homebuyer to purchase a personal residence.
(b)    A Program loan shall be secured by a mortgage lien that:
(1)    may be subordinate to other mortgage liens; and
(2)    may include terms, including deferred payment of principal and interest, that the Department considers necessary to make housing purchases affordable to eligible homebuyers.
(c)    In reviewing an application for a Program loan, the Department shall:
(1)    consider the eligible homebuyer’s financial resources, including savings available to make a down payment or pay settlement expenses, in relation to:
(i)    the purchase price of the home; and
(ii)    the down payment requirements of the lender; and
(2)    give high priority to eligible homebuyers of low income within the income limits established under § 4-304(b)(3) of this subtitle.
(d)    Notwithstanding any other law, the Department may require that Program loans become due and payable on the later sale or transfer of the property, but the Department may allow an eligible homebuyer who purchases the property to assume the Program loan.
(e)    If a borrower defaults, the Department may modify the interest rate, the time or amount of payment, or any other term of a Program loan to facilitate repayment of the Program loan and to achieve the purpose of the Program.