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§ 3-206. Eligibility standards for insurance and credit enhancements

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 3. Division of Credit Assurance (Refs & Annos)
Subtitle 2. Maryland Housing Fund (Refs & Annos)
Effective: July 1, 2016
MD Code, Housing & Community Development, § 3-206
§ 3-206. Eligibility standards for insurance and credit enhancements
In general
(a) In offering insurance and other forms of credit enhancement, the Department shall adopt eligibility standards that are reasonable to aid in:
(1) financing the purchase, construction, or rehabilitation of:
(i) housing projects;
(ii) special housing facility projects, consisting of the acquisition, rehabilitation, improvement, renovation, construction, financing, or refinancing of a building that:
1. provides common, shared, or independent living, dining, kitchen, sanitary, and sleeping facilities;
2. may include supportive services or supervisory live-in personnel for individuals with specialized housing needs; and
3. may include nonresidential facilities to serve individuals with special needs who may or may not be residents of the special housing facility;
(iii) rehabilitation projects, as defined in § 4-901 of this article;
(iv) energy conservation projects;
(v) solar energy projects;
(vi) public purpose projects;
(vii) infrastructure projects; or
(viii) business projects; and
(2) the sale or other transfer of an obligation that is:
(i) denoted as a bond, note, collateralized obligation, grantor trust, conduit, or other form of security or obligation; and
(ii) backed directly or indirectly by a mortgage or a payment derived from a mortgage.
Standards for lender
(b) The standards adopted under subsection (a) of this section shall ensure that a lender benefiting from insurance or other credit enhancement provided by the Department is responsible and able to service the loan.
Determination by Secretary conclusive
(c) A determination by the Secretary is conclusive if it relates to the eligibility of a project, facility, or undertaking for:
(1) insurance or other credit enhancement; or
(2) other action taken by the Department, in its own name or in the name of the Fund, under this subtitle.

Credits

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2016, c. 482, § 2, eff. July 1, 2016.
MD Code, Housing & Community Development, § 3-206, MD HOUS & CMTY DEV § 3-206
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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