§ 6-309. Capital Access Program
West's Annotated Code of MarylandHousing and Community Development
MD Code, Housing & Community Development, § 6-309
§ 6-309. Capital Access Program
(b) The purposes of the Capital Access Program are to:
(c) The Department may enter into a Capital Access Program participation agreement with each lender eligible to participate in the Capital Access Program.
(d) To be eligible to participate in the Capital Access Program, a lender:
(e) To be eligible for a loan under the Capital Access Program, a borrower:
(h) A project financed by a loan enrolled in the Capital Access Program shall be in a priority funding area as required by Title 5, Subtitle 7B of the State Finance and Procurement Article.
(i) A lender shall treat a default on a loan enrolled in the Capital Access Program in the same way that the lender treats defaults on other loans.
(j) The Department may require that, before a lender withdraws money from a reserve account to cover losses on a defaulted enrolled loan, the lender agree that, if the reserve account fully covers the losses, the lender will assign to the Department or subrogate the Department to the right, title, and interest of the lender in and to:
(k)(1) After a default on a loan enrolled in the Capital Access Program, the Department may acquire, hold, improve, operate pending sale or other disposition, sell, assign, exchange, transfer, convey, lease, mortgage, or otherwise dispose of or encumber property that secures or is collateral for all or part of the loan, including:
Credits
Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.
MD Code, Housing & Community Development, § 6-309, MD HOUS & CMTY DEV § 6-309
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.
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