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§ 4-215.1. Home buyer assistance program for current students or recent graduates to purchase h...

West's Annotated Code of MarylandHousing and Community DevelopmentEffective: October 1, 2021

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division I. Housing and Community Programs [Titles 1-11] (Refs & Annos)
Title 4. Division of Development Finance (Refs & Annos)
Subtitle 2. Community Development Administration (Refs & Annos)
Part II. Powers and Duties of Administration (Refs & Annos)
Effective: October 1, 2021
MD Code, Housing & Community Development, § 4-215.1
§ 4-215.1. Home buyer assistance program for current students or recent graduates to purchase homes near school
Currentness
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “Current student” means an individual who:
(i) attends a public institution of higher education in the State; and
(ii) is a degree-seeking, full-time equivalent student in an undergraduate level, graduate level, or professional degree program.
(3) “Public institution of higher education” has the meaning stated in § 10-101 of the Education Article.
(4) “Recent graduate” means an individual who, within 5 years before applying for assistance under this section, graduated from a public institution of higher education in the State with at least:
(i) 120 credits in an undergraduate level program; or
(ii) 30 credits in a graduate level or professional degree program.
In general
(b) The Administration may administer a home buyer assistance program that:
(1) assists current students and recent graduates to receive low-interest mortgage loans, with down payment and closing cost assistance options, for the purchase of homes near the school attended by the student or graduate;
(2) coordinates with, and matches where appropriate, similar programs offered by public institutions of higher education, private employers, and county and municipal governments to maximize the total amount that current students and recent graduates can receive under the program;
(3) authorizes a public institution of higher education to provide matching funds to a home buyer who receives assistance under this section; and
(4) utilizes available funding sources.
Requirements for program
(c) With reference to loans under this program, the Administration may:
(1) allow home buyers to utilize the loans for the purchase of newly constructed or existing homes;
(2) require a home purchased under the program to be occupied by the home buyer as a principal residence; and
(3) utilize available funding sources.
Marketing program
(d) The Administration may facilitate the marketing of the program with public institutions of higher education, private employers, county and municipal governments, and, where appropriate, other units of State government and nonprofit organizations with existing funding for the marketing of current programs of the Department, if available.
Regulations
(e) The Administration shall adopt regulations to carry out this section.
Annual report
(f) On or before December 31 each year, the Department shall report to the General Assembly, in accordance with § 2-1257 of the State Government Article, on the program established under this section.

Credits

Added by Acts 2021, c. 247, § 1, eff. Oct. 1, 2021.
MD Code, Housing & Community Development, § 4-215.1, MD HOUS & CMTY DEV § 4-215.1
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document