reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.20 - Threshold Criteria

Current through Register Vol. 51, No. 14, July 12, 2024
A. Development Team.
(1) The sponsor or any member of the development team may not have:
(a) Been directly involved with any project placed on the Department's delinquency list due to actions which, in the opinion of the Department, are attributable to the sponsor or the development team;
(b) A current limited denial of participation from the U.S. Department of Housing and Urban Development or been debarred, suspended, or voluntarily excluded from participation in any federal or State program at the time of, or subsequent to, the sponsor's application;
(c) Participated as an owner or manager in the development or operation of a project that has defaulted on a Department or other government or private sector loan in the previous 5 years;
(d) Had an ownership or management interest in other projects:
(i) With a record within the past 5 years of chronic past due accounts, substantial liens, or judgments; or
(ii) Which have been the subject of foreclosure or bankruptcy actions which are unacceptable to the Department;
(e) Consistently failed to provide documentation required by the Department in connection with loan applications or the management or operation of existing projects;
(f) Unpaid fees, loan arrearages, or other obligations due to the Department on other projects;
(g) Been involuntarily removed within the previous 5 years as a general partner or managing member from any affordable housing project whether or not financed or subsidized by the Department;
(h) Three or more instances of unpaid taxes to the federal government or any Maryland jurisdiction within the 5 years before the application date;
(i) Within the 5 years before the application date, received a reservation or commitment for funding from the Department and been unable to complete the project; or
(j) Within the 5 years before the application date, with regard to low-income housing tax credits and the requirements of the Internal Revenue Code:
(i) Received a reservation of credits and been unable to meet the requirements for a carryover allocation;
(ii) Received a carryover allocation of credits and been unable to meet the requirements for the 10 percent test; or
(iii) Received an allocation of credits and been unable to place the project in service within the time requirements.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.21 - Project Evaluation Criteria

Current through Register Vol. 51, No. 14, July 12, 2024
A. All projects in a round which meet the threshold criteria shall be rated and ranked on a point basis, which may include the following criteria:
(1) Capacity of the development team, including:
(a) Prior experience;
(b) Financial capacity;
(c) Participation of nonprofit organizations or housing authorities; and
(d) Participation of minority or women business enterprises;
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.22 - Recommendation and Approval

Current through Register Vol. 51, No. 14, July 12, 2024
A. After considering the scores under the project evaluation criteria of Regulation .21 of this chapter and the availability of resources, the program staff shall select projects for review and recommendation for funding by the Housing Finance Review Committee. The number of projects selected will vary depending on the availability of funds.
B. The Housing Finance Review Committee shall review the projects selected by program staff and recommend projects to the Secretary for reservation of funds and loan commitments.
C. Upon receipt of the recommendation of the Housing Finance Review Committee, the Secretary shall approve or disapprove the loan and the terms of the loan. A written determination that each loan, regardless of the loan amount, is statutorily authorized and approved by the Secretary shall be executed before the issuance of a reservation of funds or loan commitment.
D. In an emergency, when urgent action is required or for loans below the minimum amount established by the Housing Finance Review Committee, the Secretary may approve a loan which would otherwise have been forwarded to HFRC, without the recommendation of HFRC.
E. The Program Director shall issue written notice in accordance with Regulation .25G of this chapter to the sponsor of a project which was rated and ranked and then not approved by the Secretary for a reservation of funds.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.23 - Reservation and Commitment

Current through Register Vol. 51, No. 14, July 12, 2024
A. All projects approved by the Secretary shall be issued a reservation letter by the Department. The reservation letter shall include basic proposed loan terms, a list of all additional information to be submitted for further review, and a processing schedule setting forth dates for the submission and review of all requested information and documentation.
B. Upon satisfaction of all requirements in the reservation letter and the Secretary's determination, if any, or as otherwise required by the program, the program shall issue a commitment letter setting forth the terms and conditions of the loan, including:
(1) The interest rate on the loan, the repayment provisions, and any other terms and conditions the Department considers appropriate for the loan or the project;
(2) A time limit within which the sponsor shall accept the terms and conditions of the commitment by executing the commitment; and
(3) The dates by which all pre-closing information and documentation shall be submitted.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.24 - Secretary's Reserve

Current through Register Vol. 51, No. 14, July 12, 2024
A. Each year there is a Secretary's reserve of up to 15 percent of the total amount of money allocated to the Fund for that year.
B. In the event of emergency or unexpected situations requiring urgent action, or for special projects designated by the Secretary, the Secretary may approve loans and terms of loans for projects which may or may not meet the threshold requirements of Regulation .20 of this chapter or which may or may not receive sufficient points under Regulation .21 of this chapter to be recommended to HFRC under Regulation .22 of this chapter. The aggregate annual dollar amount of loans approved under this section may not exceed the amount of the Secretary's reserve in §A of this regulation.
C. The Secretary may make any funds remaining in the Secretary's reserve available to projects competing for loans at any time. After that, the funds are not available through the Secretary's reserve.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.26 - Loan Closing and Processing

Current through Register Vol. 51, No. 14, July 12, 2024
A. Initial Loan Closing. The sponsor shall furnish or cause to be furnished to the Department and its counsel satisfactory evidence of compliance with the terms and conditions of the loan before the closing of the loan. When all procedures and requirements are completed, a closing shall be arranged by counsel to the Department.
B. Loan Documents. The Department shall prescribe or approve the form and content of all documents, which may include a note, deed of trust, regulatory agreement, and other instruments that the Department may require to evidence or secure the loan or enforce the requirements of the Housing and Community Development Article, Annotated Code of Maryland, or this chapter. The loan documents shall be executed at the loan closing.
C. Early Start.
(1) Construction or rehabilitation undertaken by the sponsor before the closing of the loan is at the risk of the sponsor, and does not bind or obligate the Department to make the loan.
(2) In certain circumstances and upon the request of a sponsor who has applied for a loan which has been approved by the Secretary, the program may issue an early start letter which sets forth the conditions under which the program may authorize the beginning of construction or rehabilitation of a project before the closing of the Department's loan.
(3) The early start approval letter sets forth various conditions, such as receipt by the program of acceptable plans and specifications or scope of work and evidence of the availability of acceptable assurance of completion, which shall be complied with before beginning construction or rehabilitation. If the conditions are complied with and the program approves the beginning of construction or rehabilitation, then when the loan is closed, loan proceeds shall be used to reimburse the sponsor, as specified in the loan closing documents, for the approved costs incurred before loan closing.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.27 - Signs

Current through Register Vol. 51, No. 14, July 12, 2024
If requested by the Department, each sponsor shall install a sign identifying the Department as a lender on the project. The sign, at the discretion of the Department, may be supplied by the Department, but in any case shall comply with the design specifications of the Department. The sponsor shall bear all costs of acquisition, delivery, and installation of a conforming sign, which costs may be included in the loan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.28 - Books and Accounts

Current through Register Vol. 51, No. 14, July 12, 2024
A. Sponsors, contractors, and subcontractors shall maintain the books, accounts, and records, and shall file with the Department the financial and other reports that the Department may from time to time require.
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 sponsors shall be maintained and made available for inspection for 3 years past the date of termination of the contractual relationship between the sponsor 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 them and the sponsor.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.29 - Certification of Income

Current through Register Vol. 51, No. 14, July 12, 2024
A. Income-restricted projects are subject to the requirements set forth in §§B-F of this regulation.
B. The sponsor shall obtain signed certificates of annual income from all tenants occupying a project and shall certify annual incomes of all tenants to the Department. The Department requires annual recertifications of income as well as periodic occupancy reports containing the information required by the Department. Leases and certifications are subject to periodic review by the Department.
C. For projects where existing tenants continue in occupancy during rehabilitation, the sponsor shall obtain signed income certifications from income-eligible tenants of at least the number of units required by Regulation .12 of this chapter, before loan closing.
D. The purpose of the certification of annual income and the reports is to assure compliance with the upper income limits established in accordance with the Housing and Community Development Article, Annotated Code of Maryland, and Regulation .11 of this chapter. In the case of a project which receives federal assistance, including low income housing tax credits, the procedures for the certification of income prescribed by the federal agency are acceptable, including recertification waivers under §42(g)(8)(B) of the Internal Revenue Code.
E. The sponsor shall verify the information contained in the certificate of income, upon the consent of the individual, with the source of income, and file with the Department a report disclosing the income of all individuals selected for occupancy unless the sponsor obtained a waiver under the federal low income housing tax credit program, as provided in § 1.42 -5 of the Federal Income Tax Regulations.
F. The 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 sponsor.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.30 - Nondiscrimination-Compliance with Law

Current through Register Vol. 51, No. 14, July 12, 2024
A. A sponsor or contractor may not discriminate on the basis of race, color, religion, national origin, sex, marital status, physical or mental handicap, 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 leasing or otherwise providing dwelling accommodations or in any other aspect of the development, administration, or operation of any project or undertaking financed or assisted under the program, or in any aspect of employment by any sponsor, developer, or contractor in the construction, repair, or maintenance of any property financed or assisted under the program.
B. A sponsor or contractor shall comply with all applicable federal, State, and local laws and Departmental policies and programs regarding discrimination, equal opportunity in employment, housing, and credit practices, and drug and alcohol free workplaces, including:
(1) Title VI and VII of the Civil Rights Act of 1964, as amended;
(2) Title VIII of the Civil Rights Act of 1968, as amended;
(3) The Department's Minority Business Enterprise Program, as amended;
(4) Executive Order 01.01.1989.18C relating to Drug and Alcohol Free Workplaces, and any Departmental regulations adopted or to be adopted to carry out the requirements of that Order;
(5) Article 49B, Annotated Code of Maryland; and
(6) The Americans with Disabilities Act of 1990, as amended.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.31 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A sponsor who knowingly makes or causes to be made a false statement or report, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the Department's action, is subject to immediate acceleration of the loan, in addition to the criminal penalties authorized by Housing and Community Development Article, §
									4-1511, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.32 - Waiver and Delegation

Current through Register Vol. 51, No. 14, July 12, 2024
A. Waiver. The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is consistent with the Housing and Community Development Article, Annotated Code of Maryland, if:
(1) 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 Housing and Community Development Article, Annotated Code of Maryland; or
(2) Conformance to the requirements of any federal, State, or local agency in connection with any rehabilitation with respect to which federal, State, or local assistance is sought necessitates waiver or variance of a regulation.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.33 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A sponsor who knowingly makes or causes to be made a false statement or report, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the Department's action, is subject to immediate acceleration of the loan, in addition to the criminal penalties authorized by Housing and Community Development Article, §
									4-411, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.01 - Rental Housing Program › Section 05.05.01.34 - Waiver and Delegation

Current through Register Vol. 51, No. 14, July 12, 2024
A. Waiver. The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is consistent with the Act, if:
(1) 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; or
(2) Conformance to the requirements of any federal, State, or local agency in connection with any federal, State, or local assistance sought necessitates waiver or variance of a regulation.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.01 - 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, as amended.
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 sponsors of community development projects, public purpose projects, energy conservation projects, solar energy projects, and home improvement projects and will be supplemented by manuals and program directives from time to time.
C. Scope.
(1) This chapter applies to loans made or purchased by the Administration with the proceeds of revenue bonds and those funds derived from payments or prepayments on these loans, as authorized by Housing and Community Development Article, Annotated Code of Maryland, §§4-211(a)(10) and (b), 4-225-4-227, and 4-244-4-252. Loans made or purchased under this chapter shall be made or purchased to finance multi-family community development projects, public purpose projects, energy conservation projects, solar energy projects, and home improvement projects undertaken by private, public, or quasi-public sponsors, consistent with the intent of local governing bodies. This chapter also applies to loans financed by the Administration by purchase of a security guaranteed by the Government National Mortgage Association which security is backed by an insured loan financing a multi-family community development project or public purpose project.
(2) Ordinarily subject to these regulations are loans for home improvement projects, solar energy projects, or energy conservation projects when the project is being acquired and improved with revenue bond proceeds. The Administration will have a first lien security position in the project. Other home improvement, solar energy, and energy conservation loans for existing projects secured by subordinate liens will be financed ordinarily under COMAR 05.04.10.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.03 - Eligible Sponsors

Current through Register Vol. 51, No. 14, July 12, 2024
A. Each sponsor shall meet all of the applicable requirements set forth in §§ B-I of this regulation.
B. If the sponsor is a business entity, the entity shall be in good standing and be qualified to do business in Maryland.
C. The sponsor shall own the property in fee simple or under a ground lease acceptable to the Administration.
D. The sponsor shall have all necessary legal and corporate authorizations to incur the obligations of the loan.
E. The sponsor shall demonstrate creditworthiness and repayment ability acceptable to the Administration.
F. For community development, public purpose, and home improvement projects, a sponsor shall agree in a recordable document that the percentage of the total dwelling units in the project to be occupied by families of limited incomes, as determined in accordance with Regulation .04B, below, shall be occupied for so long as the loan is outstanding or such longer period of time as the Administration may require. If a sponsor is subject to the occupancy requirements of §F or §G, the units restricted for those purposes may also be used to meet the occupancy requirements of this section.
G. If the project is funded with proceeds that are subject to the occupancy requirements of the Internal Revenue Code of 1986, the sponsor shall agree in a recordable document that:
(1) Not less than:
(a) 20 percent of the dwelling units in the project will be occupied by households whose gross incomes do not exceed 50 percent of the area median gross income, adjusted for household size as published from time to time by the United States Department of Housing and Urban Development, or
(b) 40 percent of the dwelling units in the project will be occupied by households whose gross incomes do not exceed 60 percent of the area median gross income, adjusted for household size as published from time to time by the United States Department of Housing and Urban Development;
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.05 - Eligible Uses and Costs

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Administration may make loans as follows:
(1) Construction loans;
(2) Rehabilitation loans;
(3) Acquisition and rehabilitation loans;
(4) Home improvement project loans; and
(5) Permanent or refinancing loans.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.06 - Loan Terms and Requirements - General

Current through Register Vol. 51, No. 14, July 12, 2024
A. Amount. The Administration may lend up to 100 percent of the approved replacement cost of any project. "Replacement cost" for this purpose means development costs including those costs of construction, carrying charges, financing costs, and professional fees approved by the Administration, plus the market value of the land on which the project was built or is to be constructed.
B. Term. The terms of loans for financing of projects shall be established by the Administration based on underwriting and market conditions at the time of financing.
C. Interest Rate. The Administration may charge interest at a rate in accordance with the underwriting factors for the project including the term of the loan and income and operating projections.
D. Enhancement of Mortgage or Bonds.
(1) After consideration of underwriting, market conditions, and the requirements of the bond issuance, the Administration shall determine and notify the sponsor whether the sponsor will be required to insure or guarantee the proposed loan, or otherwise insure or enhance the bonds financing the loan.
(2) If required by the Administration, the sponsor shall engage a credit enhancer and secure a commitment to insure or guarantee the proposed loan, or otherwise insure or enhance the bonds financing the loan. This commitment shall be secured before any loan closing or at an earlier time as required by the Administration in its sole discretion.
(3) The sponsor shall comply with any conditions of the insurance or guarantee commitment so that the insurance or guarantee will be in effect from the time of loan closing, with respect to loan insurance, or from the time of the issuance of the bonds, with respect to bond insurance.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.07 - Loan Terms-Restrictions on Ownership

Current through Register Vol. 51, No. 14, July 12, 2024
A. Change of Ownership. The sponsor may not sell, cease to own, assign, transfer, or dispose of all or any part of the property, or the sponsor's interest in the property, except for leases of less than 3 years to tenants, during the loan term, without the prior express written consent of the Administration, as set forth in the loan documents.
B. Assumption. A loan may not be assumed without the prior written approval of the Administration.
C. Prepayment. If the prepayment operates to terminate the occupancy covenants for households of limited income, with the prior written approval of the Administration, a sponsor may prepay a loan subject to any prohibition on prepayment contained in the loan documents and if the sponsor complies with the following requirements:
(1) Provide written notice to each tenant residing in the project, which describes the impact of the prepayment on the tenant, and, if applicable, any assistance to which the tenant is entitled;
(2) Provide written notice of the prepayment to the Administration, the political subdivision in which the project is located, and any interested parties registered with the Administration;
(3) Offer a right of first purchase to the Administration, the political subdivision in which the project is located, the local public housing authority, if any, and any interested parties registered with the Administration;
(4) (text unchanged)
(5) Make relocation assistance
(6) Provide 3-year lease extensions or 3 months rent equivalent payments to 20 percent of the tenants who live in assisted units and qualify as elderly, disabled, or households with minors; and
(7) Comply with any procedural requirements of the Administration with respect to the right of first purchase, relocation payments, and lease extensions.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.09 - Loan Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. Early Start. In certain circumstances and upon the request of a sponsor who has applied for a loan which has been recommended for approval by the Housing Finance Review Committee and approved by the Secretary, the Administration may approve the beginning of construction of a project before the initial loan closing. All construction undertaken by the sponsor before initial loan closing is at the risk of the sponsor, and does not bind or obligate the Administration to make the loan. The early start approval letter sets forth various conditions, such as receipt by the Administration of acceptable plans and specifications and delivery of payment and performance bonds, which shall be complied with before beginning construction. If the conditions are complied with and the loan is closed, the loan reimburses the sponsor, as specified in the loan closing documents, for a portion of the costs incurred in the construction undertaken before initial loan closing.
B. Construction Loan Closing.
(1) The sponsor shall furnish or cause to be furnished to the Administration and its counsel satisfactory evidence of compliance with the terms and conditions of the loan before the closing of the loan.
(2) The Administration shall request the sponsor to have its attorney review the required legal documents for closing in the form prescribed by the Administration, and to submit comments for the Administration's and its counsel's review. When all procedures and requirements are completed, initial loan closing shall be arranged by counsel to the Administration.
(3) The sponsor shall tender an off-site bond, cash, or an unconditional, irrevocable letter of credit to the Administration at the time of construction loan closing to assure completion of any off-site improvements.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.10 - Distressed Area Designation

Current through Register Vol. 51, No. 14, July 12, 2024
A. Request for Designation. A municipality or county may request in writing at any time that a geographically defined area of the municipality or county be designated by the Secretary as a distressed area. The request may be made before or in conjunction with the request of a sponsor for financing for a public purpose project.
B. Application. The request for designation shall include information with respect to the following:
(1) The availability, cost, and condition of housing and neighborhood facilities, including the age and number of abandoned and substandard structures;
(2) The income of residents relative to State or area median incomes, including the number of persons who are welfare recipients, unemployed, and in poverty;
(3) The need for financing for housing or public or private facilities to upgrade the social and economic conditions of the distressed area;
(4) The plans and financial commitment of the municipality or county to undertake improvements in the distressed area; and
(5) Such other information as may be requested by the Secretary, including standards established for other relevant State or federal programs.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.11 - Fees; Program guide

Current through Register Vol. 51, No. 14, July 12, 2024
A. Amounts and time of payment of application fees, construction financing fees, permanent loan commitment fees, nonusage bond issuance fees, and other fees as may be required by the Administration shall be as provided in a fee schedule set forth in the Program Guide.
B. The Administration shall establish underwriting standards, loan processing requirements, and other requirements or matters relating to the financing of mortgage loans or to the program in the Program Guide.
C. Copies of the fee schedule and Program Guide shall be available for examination at the Administration's principal office. The Administration shall make copies available to the public upon request.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.12 - Books and Accounts

Current through Register Vol. 51, No. 14, July 12, 2024
Sponsors, contractors, and subcontractors shall:
A. Maintain such books, accounts, and records and file with the Administration such financial and other reports as the Administration may from time to time require;
B. Ensure all of these books, accounts, and records are open to the inspection of representatives of the Administration or other agencies of the State during reasonable working hours;
C. Maintain and make available for inspection for 7 years past the date of termination of the contractual relationship between:
(1) The sponsor and the Administration, all books, accounts, and records of the sponsor,
(2) The contractors, the subcontractors, and the sponsor, all books, accounts, and records of contractors and subcontractors.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.13 - Certification of Income

Current through Register Vol. 51, No. 14, July 12, 2024
A. The sponsor shall obtain signed certificates of annual income from all persons who apply to occupy a project unit, on a form furnished or approved by the Administration. For projects where existing tenants will continue in occupancy during rehabilitation, the sponsor shall obtain signed income certifications from the required percentage of eligible tenants prior to the initial loan closing. Upon the consent of the person applying, the sponsor shall verify with the employer the information contained in the certificate of income. The sponsor shall file with the Administration, at least annually, a report disclosing the annual income of all persons in occupancy or selected for occupancy. 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 the extent the procedures are consistent with the applicable income limitations of the Internal Revenue Code.
B. Annual recertifications of income, semi-annual market rate tenant data reports, as well as periodic occupancy reports shall be submitted to the Administration, containing information as may be required by the Administration. The 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 application to occupy a project unit is submitted to the sponsor.
C. The purpose of the certification of annual income and the reports is to assure compliance with both the upper income limits required by Housing and Community Development Article, §
									4-212, Annotated Code of Maryland, and any upper income limits and occupancy requirements imposed by federal tax law in order to maintain the tax-exempt status of the bonds or notes, the proceeds of which financed the loan for the project. The requirements of this section are in addition to any other requirements imposed under federal tax law, including, without limitation, §142(d)(7) of the Internal Revenue Code of 1986 as amended.
D. Sections A-C of this regulation do not apply to a project occupied by juveniles, placed in the project by court order or by any federal, State, or local agencies, and not occupied by other persons, provided that the projects are funded with the proceeds of taxable bonds and do not receive an allocation of low income housing tax credits.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.14 - Nondiscrimination Drug Free and Alcohol Free Workplace

Current through Register Vol. 51, No. 14, July 12, 2024
A. A sponsor 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 leasing or otherwise providing dwelling accommodations or in any other aspect of the development, administration, or operation of any project or undertaking financed or assisted under the program, or in any aspect of employment by any sponsor, developer, or contractor in the construction, repair, or maintenance of any property financed or assisted under the program.
B. A sponsor or contractor shall comply with all applicable federal, State, and local laws and Department policies and programs regarding discrimination, equal opportunity in employment, housing, and credit practices, and drug and alcohol free workplaces, including:
(1) Titles VI and VII of the Civil Rights Act of 1964, as amended;
(2) Title VIII of the Civil Rights Act of 1968, as amended;
(3) The Fair Housing Amendments Act of 1988, as amended;
(4) State Government Article, Title 20, Annotated Code of Maryland, as amended;
(5) The Department's Minority Business Enterprise Program, as amended;
(6) The Americans with Disabilities Act of 1990, as amended; and
(7) Executive Order 01.01.1989.18, Drug 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 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.15 - Signs

Current through Register Vol. 51, No. 14, July 12, 2024
If required by the Administration, each sponsor shall install a sign identifying the Administration as a lender on the project. The sign, at the discretion of the Administration, may be supplied by the Administration, but in any case shall comply with the design specifications of the Administration. The sponsor shall bear all costs of acquisition, delivery, and installation of a conforming sign, which costs may be included in the loan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.16 - General Provisions

Current through Register Vol. 51, No. 14, July 12, 2024
A. Issuance of Bonds and Notes.
(1) Timing. The Administration may obtain funds for loans to finance projects from any source authorized by law, particularly by issuing bonds or notes to be repaid from revenues of the project, federal subsidies made in connection with the project, or payments made by an insurer, guarantor, or credit enhancer of the loans or the bonds. The timing of any bond or note sale and the acceptability of the interest rate to be paid by the Administration are solely within the discretion of the Secretary.
(2) Letter of Intent. The Administration generally requires a sponsor whose loan will be funded out of the proceeds of tax-exempt bonds or notes to execute a letter of intent to use a minimum amount of bond or note proceeds for an acquisition or construction loan to undertake a project at a specified location. The letters shall be accompanied by any required nonusage fee. If the sponsor fails to close a loan with the proceeds of bonds issued in whole or in part on behalf of the sponsor or the bonds or notes are not issued, the Administration will retain the fee.
(3) Rights of Bond and Note Holders. In the event of any conflict, whether expressly as stated, the rights of sponsors or borrowers under any agreement with the Administration, which loan is financed by notes or bonds issued pursuant to a certificate of authorization or bond resolution, are subject to the rights of holders and owners of the Administration's bonds or notes issued under that authorizing certificate or resolution.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.02 - Multifamily Bond Program › Section 05.05.02.17 - Affirmative Fair Housing Marketing Plan

Current through Register Vol. 51, No. 14, July 12, 2024
Each project shall submit for review and approval by the Administration an affirmative fair housing marketing plan in accordance with the requirements of the Program Guide. The Administration shall monitor the project's compliance with the approved plan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.05 - Partnership Rental Housing Program › Section 05.05.05.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter prescribes the policies, procedures, and authorizations for providing capital assistance from the Partnership Rental Housing Fund and administering the Partnership Rental Housing Program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.05 - Partnership Rental Housing Program › Section 05.05.05.02 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
A. The objective of the Program is to provide financing for all or a portion of the development costs of rental housing that will be occupied by households of lower income and is either:
(1) Owned, or to be owned, by local governments, or local government entities, for which the applicable local government provides a site or funds to acquire a site and any necessary off-site improvements; or
(2) Owned by private sector entities and is occupied by households of lower income that include one or more individuals with disabilities or special needs.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.05 - Partnership Rental Housing Program › Section 05.05.05.04 - Eligible Borrowers-Local Governments and Local Government Entities

Current through Register Vol. 51, No. 14, July 12, 2024
A. A local government or local government entity shall meet the requirements in §§B-F of this regulation to qualify for capital assistance.
B. The local government shall provide a local contribution that meets the requirements of Regulation .17 of this chapter.
C. The local government or local government entity shall assure that any off-site improvements necessary for a project are provided without capital assistance from the Program.
D. The local government or local government entity shall develop a project or contract with a qualified for-profit or nonprofit developer to develop the project.
E. The local government or local government entity shall own the project.
F. A local government entity shall also meet the requirements of Regulation .05A(1)-(4) of this chapter.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.05 - Partnership Rental Housing Program › Section 05.05.05.05 - Eligible Borrowers-Private Sector Entities

Current through Register Vol. 51, No. 14, July 12, 2024
A. If a project is owned by a private sector entity, the entity shall meet the following requirements to qualify for capital assistance:
(1) Be in good standing and qualified to do business in Maryland;
(2) Have the legal capacity and all necessary legal authorizations to incur the obligations of the capital assistance;
(3) At the time the assistance is provided, not be debarred or suspended by the Department under COMAR 05.01.05;
(4) Demonstrate:
(a) Financial credibility and stability;
(b) The capability of achieving successful completion of the project; and
(c) The ability to manage the project; and
(5) Agree in writing to rent all partnership units to households of lower income that include one or more individuals with disabilities or special needs.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.05 - Partnership Rental Housing Program › Section 05.05.05.06 - Management

Current through Register Vol. 51, No. 14, July 12, 2024
A. The sponsor shall directly manage or contract with a qualified for-profit or nonprofit management agent for the management of the operation of a project.
B. The management contract:
(1) Shall be acceptable to the Department and its counsel;
(2) If the capital assistance is funded from the proceeds of tax-exempt revenue bonds, shall have a duration not greater than 1 year, unless a longer term is approved by counsel to the Treasurer, and shall contain such other provisions necessary to ensure the tax-exempt status of the bonds; and
(3) May be renewed at 1-year intervals, or such longer intervals as approved by counsel to the Treasurer, at the option of the parties.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.05 - Partnership Rental Housing Program › Section 05.05.05.07 - Eligible Uses

Current through Register Vol. 51, No. 14, July 12, 2024
A. Program funds may be used to provide capital assistance for financing development costs, including:
(1) Acquisition of buildings and land, provided, if the sponsor is a local government or local government entity, it has met the local contribution requirements of Regulation .17 of this chapter;
(2) Labor and materials for construction, rehabilitation, and installation of improvements as set forth in approved plans and specifications;
(3) Necessary studies, surveys, tests, plans, and specifications, including:
(a) Appraisals;
(b) Market analysis studies;
(c) Construction cost estimates;
(d) Test borings; and
(e) Compaction tests;
(4) Reasonable fees for architectural, design, engineering, and other special services;
(5) Site preparation, including the costs of:
(a) Running services from public utilities abutting the site to the buildings in the project;
(b) Public utility connection fees;
(c) Roads from public roads abutting the site to the buildings in the project;
(d) Installing wells or septic systems on the site; and
(e) Parking areas, play areas, and landscaping;
(6) Indemnity and surety bonds;
(7) Premiums on title, mortgage, and hazard insurance;
(8) An allowance for start-up costs such as marketing and leasing expenses, as approved by the Department;
(9) Costs associated with obtaining environmental assessments and testing for the presence of environmental hazards; and
(10) Other costs and fees acceptable to the Department.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.05 - Partnership Rental Housing Program › Section 05.05.05.08 - Project Eligibility

Current through Register Vol. 51, No. 14, July 12, 2024
A. General Requirements. Buildings and improvements comprising a project shall meet the following requirements:
(1) Be located within the State;
(2) When the project is complete, be in compliance with applicable codes and standards;
(3) Be owned by an eligible borrower, with title and title insurance insuring the Department that are acceptable to the Department; and
(4) For projects involving new construction, be located within a priority funding area as described in State Finance and Procurement Article, § 5-7 B-02, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 05 - RENTAL HOUSING PROGRAMS › Chapter 05.05.05 - Partnership Rental Housing Program › Section 05.05.05.09 - Special Projects-Assistance to Private Sector Entities for Sale to Local Governments

Current through Register Vol. 51, No. 14, July 12, 2024
A. Capital assistance may be provided to private sector entities to construct, acquire, reconstruct, or rehabilitate projects that are, upon completion, to be sold to a local government or local government entity, if, upon completion of the project, the private sector entity is required to:
(1) Transfer legal title to the local government or local government entity without additional capital assistance from the Department; and
(2) Unless the local government has contributed the land, pay an amount not to exceed the cost of the land and any off-site improvements paid for by the private sector entity.