reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.06 - Eligible Uses

Current through Register Vol. 51, No. 14, July 12, 2024
The proceeds of a mortgage loan may be used to finance:
A. Purchase of a newly constructed building to provide a group home;
B. Permanent long-term mortgage financing, including refinancing;
C. Purchase of an existing building to provide a group home;
D. Modifications to a building purchased with a loan if the modification improves, repairs, renovates, or rehabilitates the building to:
(1) Make it suitable as a group home; or
(2) Eliminate housing, building, fire, safety, health, or other code violations;
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.07 - Loan Terms - General

Current through Register Vol. 51, No. 14, July 12, 2024
A. Maximum Loan Amount. A program loan when aggregated with any other debt secured by the group home may not exceed the lesser of:
(1) Either:
(a) 100 percent of the appraised value of the property after modification, for program loans secured by a first mortgage or subordinate to another loan made or insured by the Department or one of its units;or
(b) 95 percent of the appraised value of the property after modification, for program loans secured by a mortgage which is subordinate to debt not made or insured by the Department or one of its units;
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.08 - Loan Conditions - General

Current through Register Vol. 51, No. 14, July 12, 2024
A. Environmental Review.
(1) A Project financed by a program loan shall comply with applicable local, State, and federal environmental laws and Regulations.
(2) Group home sponsors may be required, at the discretion of the Department, to conduct a screening of the proposed site for environmental conditions such as man-made hazards, storm water runoff, underground storage tanks, lead-based paint, radon gas, PCB's, and asbestos.
(3) If the initial screening indicates adverse or potentially adverse environmental conditions, the Department may require a more detailed physical investigation, review of historical records, testing, and treatment, or abatement of the environmental condition as a requirement of the loan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.09 - Subordinate Loans

Current through Register Vol. 51, No. 14, July 12, 2024
In addition to the requirements of Regulations .07 and .08 of this chapter, for program loans secured by a subordinate mortgage or deed of trust, the borrower shall obtain from each superior mortgagee a written agreement, in the form acceptable to the Department and the Office of the Attorney General, as follows:
A. Acknowledging and consenting to the subordinate lien of the Department;
B. Agreeing to provide timely notice to the Department in the event of default by the borrower on the superior mortgage; and
C. Agreeing to suspend acceleration and foreclosure of the superior lien for a reasonable period of time if the Department brings current and maintains timely payment due on the superior mortgage.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.10 - Deferred Loans

Current through Register Vol. 51, No. 14, July 12, 2024
A. In addition to the conditions and requirements of Regulations .07-----.09 of this chapter, deferred loans shall comply with the requirements of B-----D of this regulation.
B. Deferrals. The loan documents may provide for deferred payments of principal or interest or both principal and interest.
C. Term. The loan documents shall provide for repayment of deferred amounts at:
(1) The earliest possible date established by the Department;
(2) A sale or other transfer of the property or an interest in the property;
(3) Discontinuance of use of the property as a group home; or
(4) Maturity of the loan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.11 - Limited Return on Equity

Current through Register Vol. 51, No. 14, July 12, 2024
A. As a condition of any group home loan, the borrower is required to meet the conditions of §B, C, or D of this regulation.
B. Equity Participation.
(1) Except as provided in §B(2) of this regulation, the borrower shall remit to the Department, an amount of money at least equal to 25 percent of the difference between:
(a) The greater of:
(i) The gross sales proceeds from a resale of the group home, if any; or
(ii) The appraised value of the group home; and
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.12 - Loan Applications

Current through Register Vol. 51, No. 14, July 12, 2024
A. Limitations.
(1) The Department may specify, from time to time, the type of applications it will consider, and may limit, during any period, the type of applications it will receive.
(2) Applications may be limited on the basis of:
(a) The type of sponsor or type of equity providing primary financing of the project;
(b) The amount of local governmental contributions;
(c) The number or proportion of eligible residents who will reside in the project;
(d) Areas of the State; or
(e) Other factors the Department considers relevant.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.13 - Loan Processing

Current through Register Vol. 51, No. 14, July 12, 2024
A. Eligibility Determination.
(1) An application is subject to an initial review to make a preliminary determination of the eligibility of the applicant and the project.
(2) If an applicant is eligible, appropriate verification forms shall be distributed, credit reports shall be obtained, and the applicant shall be provided with a letter acknowledging receipt of the application. If the applicant is ineligible for a program loan, the applicant shall be informed in writing of the determination and the reasons for it under §H of this regulation.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.14 - Contractor Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. General Requirements. A contractor entering into a contract for a project shall:
(1) Meet all applicable State and local licensing requirements;
(2) Be of good reputation, financially sound, and fully qualified to perform the required work outlined in the work write-up as evidenced by previous professional rehabilitation experience;
(3) Provide insurance coverage for comprehensive public liability, property damage liability, and worker's compensation in the form and amounts required by the Department;
(4) Perform all work in a competent, workmanlike manner equal to the standards of the industry, in conformance with the contract, applicable codes and rehabilitation standards, and any other applicable laws, local codes, and Departmental rehabilitation standards, whether covered by the work write-up and drawings for the work;
(5) Comply with all applicable laws, ordinances, and regulations relating to the protection and safety of persons and property;
(6) Furnish all labor, materials, and equipment, and obtain and pay for all licenses and permits required to construct or modify the group home in accordance with the contract documents and the work write-up;
(7) Not assign the contract without the prior written consent of the borrower and the Department;
(8) Agree to complete all construction or modification specified in the work write-up by the date required by the contract;
(9) Indemnify and hold the Department harmless from all liability and loss because of injury to or death of any person or damage to any property which may occur or be alleged to occur during performance of the contract as a direct or indirect result of any act or omission, whether intentional, negligent, or otherwise, by the contractor, subcontractors, or their agents, servants, and employees; and
(10) Defend all suits or claims involving those in §A(9) of this regulation at its sole cost and expense.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.15 - Construction Process

Current through Register Vol. 51, No. 14, July 12, 2024
A. General.
(1) As required by applicable codes and rehabilitation standards, building permits shall be obtained before loan closing, and are required to be posted at the project before the beginning of construction or modification.
(2) Work done, materials supplied, and construction procedures employed shall comply with all contract documents, applicable codes and rehabilitation standards, and these Regulations . The Department's general requirements and specifications guidelines will be furnished on request.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.16 - Loan Payments

Current through Register Vol. 51, No. 14, July 12, 2024
A. Payments Generally.
(1) Loan funds may not be disbursed if there is any arrearage of interest payments or escrows required by the loan.
(2) Loan proceeds designated to finance modification or construction costs shall be held in escrow by the Department and disbursed at the discretion of the Department either upon completion of the modification or construction, or in accordance with a payment schedule approved by the Department.
(3) Payments of construction draws shall be by joint payee check issued to the borrower and contractor unless an alternative payment method is approved by the Program Director.
(4) Except as provided in §C of this regulation, payments shall be made for work completed only. Payments may not be made for materials delivered to the site but not installed in the project.
(5) Payment of construction draws shall be requested by the borrower. Loan funds may be disbursed to the borrower upon request, except for final draws or as otherwise provided for in §F(1), (2), or (3) of this regulation.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.17 - Certification of Income

Current through Register Vol. 51, No. 14, July 12, 2024
A. The group home sponsor shall obtain, before initial occupancy and every year after that, a completed income certification form from all persons of lower income who will occupy the group home. Initial certification and periodic certification of income shall contain such information as may be required by the Department. Certificates are subject to review by the Department at any time.
B. For projects when existing tenants will continue occupancy during modification, the group home sponsor is required to obtain income certificates from income eligible persons of the group home before initial closing of the loan. The purpose of the certificates of income and the reports is to assure compliance with the upper income limits established in accordance with Housing and Community Development Article, §
									4-601(d), Annotated Code of Maryland. In the case of a project which receives federal assistance, the procedures for the certification of income prescribed by the federal agency may be employed to meet the Department's income certification requirement.
C. The group home sponsor shall retain all certificates of income and documents verifying the information contained in them for a period of at least 3 years from the date on which the income certification is submitted to the group home sponsor.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.18 - Nondiscrimination; Drug and Alcohol Free Workplace

Current through Register Vol. 51, No. 14, July 12, 2024
A. A borrower or contractor may not discriminate on the basis of race, color, religion, national origin, sex, marital status, physical or mental disability, sexual orientation, or age, except with regard to age as permitted under the federal Housing for Older Persons Act, as amended from time to time, or other similar federal laws, in any aspect of the program, or in any aspect of employment by any borrower or contractor in connection with any property financed or assisted under the program.
B. A borrower or contractor shall comply with all applicable federal, State, and local laws and Department policies and programs regarding discrimination and equal opportunity in employment, housing, and credit practices, and drug and alcohol free workplaces, including:
(1) (text unchanged)
(2) Title VIII of the Civil Rights Act of 1968, as amended;
(3) The Fair Housing Amendments Act of 1988, as amended;
(4) The Department's Minority Business Enterprise Program, as amended;
(5) The Americans with Disabilities Act of 1990, as amended;
(6) State Government Article, Title 20, Annotated Code of Maryland, as amended; and
(7) Executive Order 01.01.1989.18D rug and Alcohol Free Workplace, and any Department or State regulations adopted or to be adopted to carry out the requirements of that Order.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.19 - Books and Accounts

Current through Register Vol. 51, No. 14, July 12, 2024
A. Borrowers, contractors, and subcontractors shall maintain such books, accounts, and records, and shall file with the Department such financial and other reports as the Department may require from time to time.
B. The books, accounts, and records in § A of this regulation shall be open to the inspection of representatives of the Department or other agencies of the State during reasonable working hours.
C. Books, accounts, and records of the borrower shall be maintained and made available for inspection for 3 years past the date of termination of the contractual relationship between the borrower and the Department. Books, accounts, and records of contractors and subcontractors shall be maintained and made available for inspection for 3 years past the date of termination of the contractual relationships between the contractors and subcontractors and the borrower.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.20 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. Funding. The Department shall publicize from time to time the availability of moneys to make loans. However, the Department may consider an application for a loan or may establish beginning and ending dates for the receipt of applications.
B. Program Guidelines. The Department may establish from time to time detailed Program guidelines containing underwriting standards, loan processing requirements, and other requirements or matters relating to the financing of loans or to the Program. Copies of these guidelines shall be available for examination at the Department's principal office. The Department, upon request, shall provide copies to the public for a reasonable charge.
C. Fees. The Department may:
(1) Charge any commitment fees, application fees, closing fees or other fees, charges, or penalties to applicants, servicers, borrowers, or other individuals or entities that participate in the Program; and
(2) Restrict the fees and charges that servicers or other Program participants obtain from borrowers or applicants.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.09 - Group Home Financing Program › Section 05.04.09.21 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
An applicant who knowingly makes or causes to be made a false statement or report for the purpose of influencing any action of the Department on a loan application or for the purpose of influencing any action of the Department affecting a loan already made is guilty of a misdemeanor and, on conviction, is subject to the criminal penalties authorized by Housing and Community Development Article, §
									4-612, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
These regulations prescribe the policies, procedures, and authorizations for establishing and administering a program to assist in financing improvements to residential dwellings throughout the State through the purchase of loans from lending institutions or through the making of loans by the Administration.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.02 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
The objective of the program is to provide financing assistance to encourage improvements to residential dwellings including the installation of property improvements, energy conservation improvements, and solar energy systems to upgrade and improve the livability and habitability of residential property, to reduce energy consumption in residential property, and to promote utilization of solar energy in residential property.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.04 - Eligible Borrowers

Current through Register Vol. 51, No. 14, July 12, 2024
A. For loans made to improve single family properties, each borrower shall meet the following requirements:
(1) Be a natural person;
(2) Own the property in fee simple or under a ground lease;
(3) Occupy or intend to occupy, by the earlier of the date of completion of improvements financed by the loan or 60 days from the date of the loan, the property as a principal residence;
(4) Have the legal capacity to incur the obligations of the loan;
(5) Demonstrate creditworthiness and repayment ability acceptable to the Administration;
(6) If the loan is a property improvement loan, be a family of limited income.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.05 - Eligible Properties

Current through Register Vol. 51, No. 14, July 12, 2024
A. All properties for which a borrower receives a loan under the program shall meet the following requirements:
(1) The property shall be located in Maryland;
(2) The property shall be a permanent structure used primarily for year-round residential use;
(3) The property shall need property improvements or shall benefit from energy conservation measures in order to improve its habitability, livability, and energy efficiency;
(4) The property shall be owned by an eligible borrower who shall provide assurance of title or evidence of ownership acceptable to the program; and
(5) In the case of a multifamily property containing two to four dwelling units, one unit of which is occupied by the owner, all units shall have been used exclusively for residential purposes at least 5 years before the execution of the loan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.06 - Eligible Improvements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Proceeds of property improvement loans may finance any improvement, alteration, addition, and repair that substantially protects or improves the basic livability of a residential property and that is eligible for financing under the regulations and requirements of any loan insurer. Eligible home improvements include without limitation the following:
(1) Enlarging structure;
(2) Repairing or replacing plumbing and electrical systems;
(3) Improving or replacing heating systems;
(4) Painting and plastering;
(5) Installing new bathrooms, kitchens, living rooms, bedrooms, and closets;
(6) Repairing or replacing roofs, ceilings, windows, stairways, and floors;
(7) Constructing private sidewalks, curbs, fences, or driveways;
(8) Installing a septic tank or cesspool;
(9) Drilling a well and installing pumping equipment and piping;
(10) Installing fire safety equipment; and
(11) Making any other improvements determined by the Administration to be consistent with the purpose of the program and the Act.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.07 - Loan Insurance Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Administration may require that each loan be subject to a loan insurance policy that provides coverage for the Administration in the case of a loan default with terms and conditions that the Administration approves.
B. If loan insurance is provided by the FHA Title I Property Improvement Loan Program or any insurance program of the MHF or of any other insurer approved by the Administration, the purchase or making of loans by the Administration shall be regulated by the regulations, handbooks, or guidelines of the insurance programs.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.08 - Loan Terms, Limits, and Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Loans originated or purchased by the Administration shall meet the following terms and conditions:
(1) The Administration shall establish or determine an interest rate or rates and other charges and fees, if any, for loans that, together with other moneys made available for those purposes, are sufficient to meet the interest and other costs payable by the Administration for its revenue bonds or other obligations financing the loans, administrative expenses of the program, and possible losses due to loan defaults in the program. The interest rate or rates on loans may not exceed the maximum permitted by §103 or 103A of the Code as applicable.
(2) The Administration shall set maximum and minimum terms for loans taking into account the terms of the revenue bonds or other obligations issued to fund loans.
(3) Loans may be made in any amounts that are necessary to finance eligible improvements, but may not exceed the lesser of the limits set by any loan insurance program, if applicable, or:
(a) $15,000 for each property containing from one to four units, one unit of which is occupied by the owner; or
(b) $30,000 for the first dwelling unit and $20,000 for each additional dwelling unit for each property containing:
(i) One to four units, all units of which are occupied by families other than the owner, or
(ii) Five or more units.
(4) Borrowers shall repay the loan in substantially equal monthly payments of interest and principal in order that the loan is fully amortized over its term.
(5) Borrowers shall pay any servicing fees, loan insurance premiums, or late charges that the Administration or the loan insurer may require and that are permitted by State law.
(6) Securing of Loans.
(a) Loans shall be secured as required by the Administration and any loan insurer.
(b) Property improvement loans shall be secured by a mortgage.
(c) Energy loans in an original principal amount greater than $5,000 shall be secured by a mortgage.
(d) The Administration may require that energy loans in an original principal amount of $5,000 or less be secured by a mortgage.
(7) Borrowers shall maintain fire and extended insurance coverage in an amount not less than the outstanding principal amount of the loan and any other prior debt secured by the property.
(8) The Administration may prohibit assumptions of loans.
(9) Borrowers may prepay a loan to the extent permitted by the trust indenture.
(10) Borrowers may not refinance existing debt or work in place before approval of the loan.
(11) The loan shall comply with any restrictions or requirements of the trust indenture.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.09 - Participation of Lenders

Current through Register Vol. 51, No. 14, July 12, 2024
A. Lenders participating in the Program shall be approved as originators in the FHA Title I Property Improvement Program, or the applicable loan insurance program of the MHF, or any other approved loan insurer, and be in compliance with all applicable State and federal laws, rules and regulations governing the business of the lender and the making of residential property improvement loans.
B. The Administration may issue invitations to lenders to participate in the Program and to sell loans to the Administration if there are funds available to conduct the Program. Invitations will be mailed to all eligible lenders who request them or who are known to the Administration to be interested in participating in the Program. These invitations will include:
(1) The date by which the application and other documents shall be submitted to be considered for acceptance and the date by which the Administration shall issue a notice of acceptance or approval if the application is accepted;
(2) The time period during which the lender must commit to make loans and deliver loans to the Administration for purchase;
(3) The time or times, if any, within which the Administration must sell and deliver bonds on terms satisfactory to it, as a condition of any obligation to purchase loans;
(4) Other information which is necessary or desirable to inform lenders of the terms of the invitation.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.10 - Participation of Political Subdivision

Current through Register Vol. 51, No. 14, July 12, 2024
A. Political subdivisions or public utility companies may be authorized as agents of the Administration if they evidence the staff capacity and capability to evaluate loan applications and monitor rehabilitation undertaken pursuant to the loans.
B. Political subdivisions or public utility companies seeking approval as agents shall submit a written application to the Administration on a form prescribed by the Administration specifying:
(1) Staff capacity and financial experience in lending, and experience in residential inspections;
(2) Prior experience in operating loan programs;
(3) Other relevant information the Administration may request which is necessary or desirable to assist in approving applications.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.11 - Allocation of Funds

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Administration may, in its sole discretion, allocate funds in aggregate amounts to lenders, political subdivisions, or the Administration between loans for single family properties and loans for multifamily properties.
B. When applicable, funds will be allocated to targeted areas for the purposes of §103A of the Code.
C. The Administration may accept or reject an application, and may specify in its notice of acceptance a lesser aggregate amount of loans than the amount requested in the application.
D. All allocations will be made on the basis of need, population, demand for funds, and any other criteria that the Administration determines from time to time.
E. Allocation of funds available or expected to be available among lenders will also be based on factors including:
(1) Aggregate amounts and distribution by county of loans and commitments requested by all lenders and by each lender;
(2) Financial condition of each lender;
(3) Amount and number of property improvement loans made in the State by each lender in the 2-year period preceding the application; and
(4) Previous participation of the lender in housing programs of the State or its subdivisions.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.12 - Additional Requirements for Multifamily Properties

Current through Register Vol. 51, No. 14, July 12, 2024
Loans for multifamily properties insured by the MHF multifamily insurance program shall meet the following requirements:
A. The sum of the original principal amount of the loan and total amount of prior outstanding indebtedness encumbering the property at the time of the closing of the loan may not exceed the then applicable limits for MHF multifamily insurance.
B. The appraisal of the property as rehabilitated shall be sufficient to meet the ratio of the loan plus the amount of prior indebtedness encumbering the property to the value of the property determined by the:
(1) Administration in its applicable Program handbook; and
(2) MHF in accordance with its regulations or guidelines.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.13 - Loan Applications, Processing, and Purchase Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. Applications shall be made upon form documents required by the Administration. Sufficient information and documentation shall be provided to determine the extent, if any, to which the project will change the type of use or increase the intensity of the existing use of the property.
B. Lenders, or the Administration, as applicable, shall be responsible for originating loans under the program. This responsibility shall include the:
(1) Acceptance of applications from borrowers;
(2) Review of applications for completeness and compliance with program eligibility standards;
(3) Determination of creditworthiness of the borrower using normal underwriting standards;
(4) Execution by the borrower of a note, mortgage (if required), and all other documents required by the Administration and the disbursal of all loan proceeds;
(5) Reporting of the loan for loan insurance and, in the case of lenders, the submission of the loan to the Administration for purchase.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.14 - Loan Servicing

Current through Register Vol. 51, No. 14, July 12, 2024
Loans shall be subject to a loan servicing agreement to be prepared by the Administration. The agreement shall establish the procedures for the servicing of loans and may permit the deduction of a servicing fee by the servicer from the proceeds of loan repayments.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.15 - Supplemental Programs

Current through Register Vol. 51, No. 14, July 12, 2024
This Program is intended to work in conjunction with local, State, and federal programs to the maximum degree possible.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.10 - Home and Energy Loan Program › Section 05.04.10.16 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act or the trust indenture if:
A. Conformance to the requirement of any federal agency in connection with any rehabilitation with respect to which federal assistance is sought necessitates waiver of a regulation; or
B. In the determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of the Act.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
A. Authority. These regulations are adopted under the provisions of the Community Development Administration Act, Housing and Community Development Article, Title 4, Subtitle 2, Annotated Code of Maryland.
B. Purpose. These regulations are intended to promote the purposes of the Act, Housing and Community Development Article, Title 4, Subtitle 2, Annotated Code of Maryland, by implementing, interpreting, making specific, and otherwise carrying out the provisions of the Act within their scope. In particular, they are intended to provide basic information to nonprofit sponsors of special housing facilities which provide shelter and services to individuals with physical or mental impairments and special housing needs.
C. Scope.
(1) These regulations apply to the program of insured or guaranteed loans made or purchased by the Administration with the proceeds of revenue bonds as authorized by, Housing and Community Development Article, §§
										4-227 and  4-245(a), Annotated Code of Maryland. Loans made or purchased under these regulations shall be made or purchased to finance special housing facilities undertaken by nonprofit organizations to house special needs populations.
(2) Loans made from the proceeds of revenue bonds for special housing facilities which provide shelter and services for individuals with special housing needs will be financed ordinarily under these Regulations . The Department also makes loans for individuals with special housing needs under the State-funded group home program set forth at COMAR 05.04.09. Other projects financed with the proceeds of revenue bonds which provide multifamily rental housing are financed under COMAR 05.05.02 or 05.04.10.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Act" means Housing and Community Development Article, Title 4, Subtitle 2, Annotated Code of Maryland.
(2) "Administration" means the Community Development Administration, an agency in the Division of Development Finance of the Department of Housing and Community Development.
(3) "Department" means the Department of Housing and Community Development.
(4) "Director" means the Director of the Administration.
(5) "Families of limited income" means families or individuals whose incomes do not exceed upper income limits established by the Secretary in accordance with Regulation .05 of this chapter.
(6) "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated under it.
(7) "Local government" means any of the 23 counties of the State, the Mayor and City Council of Baltimore, and any municipal corporation subject to the provisions of Article XI-E of the Constitution.
(8) "Nonprofit organization" means an organization whose organizational documents include among its charitable purposes the provision of housing to special needs populations, and which is currently recognized by the Internal Revenue Service as a tax-exempt organization under §501(c)(3) of the Internal Revenue Code.
(9) "Project" means a special housing facilities project.
(10) "Secretary" means the Secretary of Housing and Community Development.
(11) "Special housing facility" means a special housing facility under the Act that does not constitute residential rental housing for family units within the meaning of §145(d) of the Internal Revenue Code.
(12) "Special needs populations" means individuals with disabilities or special housing needs, including those who are developmentally or mentally disabled, physically or mentally handicapped, elderly, or juveniles in need of direct supervision, or otherwise in need of assistance due to special personal characteristics or circumstances.
(13) "Sponsor" means a borrower on a loan made by the Administration to finance a project and includes its successors and assigns by operation of law or as approved by the Administration or the Maryland Housing Fund.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.03 - Eligible Sponsors

Current through Register Vol. 51, No. 14, July 12, 2024
Sponsors shall meet all of the following requirements to qualify for a loan:
A. Be a nonprofit organization;
B. Be in good standing and be qualified to do business in Maryland;
C. Have all necessary legal and corporate authority to incur the obligations of the loan;
D. Either:
(1) Be licensed to operate the project by the appropriate State agency, to the extent required by State law; or
(2) Enter into a management agreement acceptable to the Administration, with a manager acceptable to the Administration that:
(a) Is licensed to operate the project by the appropriate State agency, to the extent required by State law, and
(b) Meets the requirements of §§A, B, E, F and G of this regulation;
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.04 - Eligible Projects

Current through Register Vol. 51, No. 14, July 12, 2024
A. The project shall be a special housing facility, as defined in Regulation .02B(11) of this chapter.
B. Fifty-one percent of the residents of the project, other than supervisory personnel, shall be families of limited income.
C. Upon closing the loan, the special housing facility shall be owned by an eligible sponsor.
D. The project shall be a single family dwelling unit.
E. The project shall comply, if necessary, with the notice, public hearing, and public approval requirements of the Internal Revenue Code.
F. The project shall conform upon completion with all applicable State and local laws, codes, and regulations, including zoning, building, and housing regulations and the regulations and requirements of any agency of State or local government governing supported housing for special needs populations.
G. The project shall be, in the determination of the Administration, economically feasible so that the loan reasonably can be expected to be repaid in full, with interest.
H. The project shall have a useful life of a length satisfactory to the Administration with reasonable maintenance.
I. The project shall be subject to a contract with an agency of State or local government under terms and conditions acceptable to the Administration.
J. For projects involving new construction or the acquisition of a newly constructed building, the project shall be located within a priority funding area identified under State Finance and Procurement Article, 5-7B-02, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.05 - Income Limits

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary shall establish upper income limits for families of limited income taking into consideration factors including:
(1) The amount of the total income of the families available for housing needs;
(2) The size of the family;
(3) The cost and condition of housing facilities available;
(4) The ability of the families to compete successfully in the normal private housing market; and
(5) Standards and definitions established for pertinent federal and State housing programs.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.06 - Eligible Uses and Costs

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Administration may make loans as follows, subject to the requirements of the Internal Revenue Code if the interest on the bonds used to finance the loans is exempt from federal income taxation:
(1) Construction mortgage loans in conjunction with permanent mortgage loans;
(2) Rehabilitation or property improvement mortgage loans in conjunction with permanent mortgage loans;
(3) Mortgage loans to refinance the outstanding principal balance of acquisition debt on a project; and
(4) Permanent mortgage loans, including permanent take-out financing.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.07 - Loan Terms-General

Current through Register Vol. 51, No. 14, July 12, 2024
A. For acquisition, construction, reconstruction, rehabilitation, and improvement loans, the Administration may lend up to an amount which does not exceed the lesser of:
(1) 75 percent of the appraised market value of the project; or
(2) The total cost of the project.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.08 - Loan Terms-Public Purpose Restrictions

Current through Register Vol. 51, No. 14, July 12, 2024
A. Limited Income Occupancy. The sponsor shall execute a recorded agreement stating that as long as the loan is outstanding, or such longer period of time as the Administration may require, not less than a specified number of occupants of the project shall be families of limited income in accordance with Regulation .04B of this chapter.
B. Limited Income Distribution. The Administration may require the sponsor to agree to limits on the disposition of operating income of the project after payment of all project expenses, including loan payments and mortgage insurance premiums required by the Administration and the State or county agency which provides operating subsidies to the project.
C. Project Monitoring. The sponsor shall permit monitoring by the Administration or an approved agent of the Administration during the term of the loan of the:
(1) Physical condition of the project;
(2) Financial condition of the project and sponsor; and
(3) Incomes of those residing in the project.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.09 - Loan Conditions

Current through Register Vol. 51, No. 14, July 12, 2024
A. Appraisal.
(1) The Administration shall order an appraisal or require one to be ordered by the sponsor.
(2) The appraisal shall be performed by an appraiser acceptable to the Administration and shall show the current value of the property and the expected value of the property after completion of proposed improvements, if any.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.10 - Loan Documentation

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Administration shall prescribe the form and content of all loan documents. The loan documents shall contain any terms and conditions that the Administration considers advisable. Loan documents shall be prepared by the Administration and may not be retyped or altered by the sponsor.
B. The loan documents shall include all of the following documents, as well as any other documents the Administration may require:
(1) A deed of trust note obligating the sponsor to repay the loan;
(2) A deed of trust, security agreement, and assignment of rents, which is a recorded instrument securing the Administration's interest in the project;
(3) A building loan agreement for new construction and substantial rehabilitation projects, which agreement specifies the details for the construction or rehabilitation of the project, including, but not limited to those relating to construction draws, remedies, releases, and terms of construction;
(4) A regulatory agreement which establishes the duties and obligations of the sponsor regarding reserves for replacement, construction surplus funds, savings in the amount of State operating subsidies provided to the project, occupancy requirements and income limits, and operation and maintenance of the project in the public interest;
(5) A compliance agreement executed in recordable form containing the requirements set forth in Regulation .08E and other covenants and provisions as may be required by the Administration and its counsel;
(6) A sponsor's counsel opinion for loans in excess of a minimum amount determined by the Administration, which is a letter as to the legal sufficiency of the sponsor's commitments and agreements as expressed in the loan documents; and
(7) A certificate or affidavit of the sponsor concerning federal tax law compliance in the purchase and financing of the property.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 04 - SPECIAL LOAN PROGRAMS › Chapter 05.04.11 - Special Housing Opportunities Program › Section 05.04.11.11 - Application

Current through Register Vol. 51, No. 14, July 12, 2024
A. Form and Content of Application. Applications for loans are to be made on forms prescribed by the Administration, and should include all supporting documentation specified in the check list included with the application.
B. Rejection of Applications. If the Administration determines that a project or sponsor is not eligible for a loan, the Administration shall issue a written notice of the determination of ineligibility.
C. Reconsideration. Sponsors may request reconsideration of a rejection in accordance with the procedures contained in the Program guidelines. An initial decision or reconsideration of a decision is not a contested case within the meaning of the Administrative Procedure Act, State Government Article, Title 10, Annotated Code of Maryland, or COMAR 05.01.02.
D. Withdrawal of Application. A sponsor may withdraw an application at any time before closing of the loan by written notice to the Administration. The sponsor shall bear any costs incurred for items other than internal processing, including, but not limited to, title examinations, credit reports, and appraisals.