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§ 3-201. Definitions

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, § 3-201
§ 3-201. Definitions
Currentness
In general
(a) In this subtitle the following words have the meanings indicated.
Business project
(b) “Business project” has the meaning stated in § 4-201 of this article.
Credit enhancement
(c) “Credit enhancement” means a guarantee, including a guarantee of an obligation backed by a pool of mortgages, or other assurance or security device issued to:
(1) improve the credit of a qualified borrowing entity; or
(2) upgrade the security or rating of a financial obligation, including:
(i) a mortgage backed security;
(ii) a certificate of participation; and
(iii) a bond or note issued to finance a development activity described in this subtitle.
Energy conservation project
(d) “Energy conservation project” has the meaning stated in § 4-201 of this article.
Financing
(e) “Financing” includes acquisition financing, permanent financing, short-term bridge financing, construction financing, and refinancing of a loan or project authorized under this subtitle.
Fund
(f) “Fund” means the Maryland Housing Fund.
Housing
(g) “Housing” includes:
(1) a single dwelling unit;
(2) a multiple dwelling unit;
(3) an accessory unit residential facility;
(4) a shared-living unit facility, accommodating at least two individuals or families, in which some or all of the living, dining, kitchen, or sanitary facilities are shared; and
(5) an ancillary commercial or other facility that is related to, incidental to, and supportive of the housing.
Infrastructure project
(h) “Infrastructure project” has the meaning stated in § 4-201 of this article.
Mortgage
(i) “Mortgage” includes:
(1) a deed of trust, a security agreement, and a pledge; and
(2) any other security arrangement securing a loan, including a mortgage, to finance:
(i) the purchase of stock or membership in a cooperative ownership housing corporation; or
(ii) the construction or rehabilitation of dwelling units in a cooperative ownership housing corporation.
Public purpose project
(j) “Public purpose project” has the meaning stated in § 4-201 of this article.
Solar energy project
(k) “Solar energy project” has the meaning stated in § 4-201 of this article.

Credits

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2016, c. 482, §§ 1, 2, eff. July 1, 2016.
MD Code, Housing & Community Development, § 3-201, MD HOUS & CMTY DEV § 3-201
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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