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§ 6-508. Powers of department

West's Annotated Code of MarylandHousing and Community DevelopmentEffective: July 1, 2016

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division I. Housing and Community Programs [Titles 1-11] (Refs & Annos)
Title 6. Division of Neighborhood Revitalization (Refs & Annos)
Subtitle 5. Baltimore Regional Neighborhood Initiative Program (Refs & Annos)
Effective: July 1, 2016
MD Code, Housing & Community Development, § 6-508
§ 6-508. Powers of department
Currentness
Implementation of Program
(a) The Department has the powers necessary to implement the Program.
Terms and conditions
(b)(1) The Department may determine the terms and conditions or establish time limits for the use of financial assistance awarded under this subtitle.
(2) The financial assistance awarded under this subtitle may be secured by a mortgage, a lien, or any other security interest that is superior to or subordinate to other mortgages, liens, or other security interests.
Enforcement
(c)(1) The Department may enforce the terms and conditions of the financial assistance awarded under this subtitle.
(2) If any financial assistance awarded under this subtitle is secured by a first or subordinate mortgage or other lien, the Department may:
(i) begin an action to protect or enforce any right given by law, contract, or other agreement;
(ii) foreclose on property;
(iii) purchase property at any foreclosure or other sale, or acquire or take possession of the property through conveyance in lieu of foreclosure or otherwise, and convey property after acquiring it;
(iv) settle or compromise any debt or obligation owed to the Department;
(v) pay the principal of and interest on any obligation incurred in connection with the property and dispose of or otherwise deal with the property to protect the interests of the Program; or
(vi) release or sell any mortgage, obligation, or property that the Department holds at public or private sale, with or without public bidding.
Contract with other entities
(d)(1) The Department may contract with any person or governmental unit for property or services necessary to operate the Program.
(2) The Department may contract for and accept any grant, contribution, or loan of money, property, or other aid from the federal government and may do all things consistent with this subtitle to qualify for the aid.
Information in connection with loans; interest
(e) In connection with any loans that the Department makes, the Department may:
(1) require and obtain appraisals, credit information, and other pertinent information; and
(2) charge interest.
Modification of Program agreement
(f) The Department may consent to the modification of any provision of a Program agreement if the modification is in the best interest of the Program.

Credits

Added by Acts 2016, c. 29, § 1, eff. July 1, 2016.
MD Code, Housing & Community Development, § 6-508, MD HOUS & CMTY DEV § 6-508
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