(a) To attract and retain teachers in the State by increasing homeownership opportunities, the General Assembly finds that there is a need to authorize the Department to develop a program to dedicate up to $25,000,000 over 5 years to provide mortgage loans to teachers at interest rates below the prevailing interest rate for similar programs.
(b) (1) A mortgage loan under this section shall be available to a teacher who is a first–time home buyer.
(2) The loan shall be conditioned on an agreement by the teacher to teach in the State for at least 3 years if work is available for the teacher.
(3) The loan shall be used to purchase property in a priority funding area as defined in §§ 5–7B–02 and 5–7B–03 of the State Finance and Procurement Article.
(c) The Administration shall develop the program in consultation with:
(1) the State Department of Education, to ensure that the program is consistent with the State’s strategy to attract and retain teachers; and
(2) local boards of education, to ensure that the program is properly marketed.