Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 03 - HOMEOWNERSHIP PROGRAMS › Chapter 05.03.04 - Downpayment and Settlement Expense Loan Program › Section 05.03.04.03 - 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 3, Annotated Code of Maryland, as amended.
(2) "Administration" means the Community Development Administration, an agency within the Division of Development Finance of the Department.
(3) "Borrower" means an applicant who receives a loan through the Program.
(4) "Department" means the Department of Housing and Community Development, a principal department of the State.
(5) "Home buyer of eligible income" means a borrower whose household income does not exceed the upper income limits established from time to time by the Secretary in accordance with Housing and Community Development Article, §
										4-304, Annotated Code of Maryland.
(6) "Home buyer of low income" means a borrower whose household income does not exceed the income limits established from time to time by the Secretary in accordance with Housing and Community Development Article, §
										4-304, Annotated Code of Maryland, which income limits will be less than those established for the home buyer of eligible income.
(7) "Household" means an individual or individuals who occupy or intend to occupy:
(a) The eligible residence, in the case of a one unit residence; or
(b) One of the units in the eligible residence, in the case of a two to four unit residence.
(8) "Household income" means 100 percent of the projected annual gross income based on current rate of income from all members of the borrower's household, 18 years old or older, including wages, overtime, bonuses, commissions, investment and interest income, unemployment insurance, alimony, child support, pensions, and all other income from any source, less:
(a) Abnormal expenses of a long-term unusual nature, such as extraordinary medical, rehabilitation, or special education expenses, as determined by the Program; and
(b) Unusual or temporary income items, as determined by the Program.
(9) "Loan" means a loan made by the Department to a borrower from the Downpayment and Settlement Expense Loan Program fund.
(10) "Manufactured home" means a structure that:
(a) Is intended for residential use by a single household;
(b) Is a multisectional structure fabricated after June 14, 1976, in an off-site manufacturing facility for installation or assembly at the building site;
(c) Is not less than 24 feet in width and 40 feet in length;
(d) Is installed permanently on an engineered foundation in conformance with the BOCA National Building Code (1987), which is incorporated by reference under COMAR 05.02.01, or the standards set by the American National Standards Institute, Inc., which are incorporated by reference under COMAR 05.02.02, and is not independently capable of movement;
(e) Has brick, wood, aluminum, or cosmetically equivalent exterior siding and a pitched composition shingle or wood shake roof;
(f) Is certified by the United States Department of Housing and Urban Development as a manufactured home in accordance with the National Manufactured Housing Construction and Safety Standards Act of 1974, or by the Department as an industrialized building in accordance with Public Safety Article, §
											12-308, Annotated Code of Maryland, and complies with all requirements set forth in COMAR 05.02.04;
(g) Is installed on real property the borrower owns in fee simple or under a freely transferable ground rent lease, and the legal title to the improvements runs with the real property;
(h) Meets all applicable zoning requirements as to number of dwelling units, lot size, and building setbacks; and
(i) Is reasonably expected to have an economic life equal to or greater than the term of the mortgage.
(11) "MHF" means the Maryland Housing Fund, a Division of the Department.
(12) "Mortgage lender" means the Administration, the Department, or a bank, trust company, savings institution, savings and loan association, national bank association, mortgage banker, or other financial institution that maintains an office in the State and engages in making or originating residential mortgage loans, and that is licensed or otherwise authorized to make residential mortgage loans in the State pursuant to applicable State and federal law.
(13) "Program" means the Downpayment and Settlement Expense Loan Program.
(14) "Secretary" means the Secretary of Housing and Community Development.