Md. Code Ann., Hous. & Cmty. Dev. § 4-2803
Redline — January 1, 2022 → current.View current text →
Current — January 1, 2024
As of January 1, 2022
(a) In the fiscal year in which a qualified project is completed, an individual or business entity may apply to the Department for financial assistance to cover the appraisal gap for the project in accordance with this section.
(a) In the fiscal year in which a qualified project is proposed, an individual or business entity may apply to the Department for financial assistance to cover the appraisal gap for the project in accordance with this section.
(b) The amount of the financial assistance provided under subsection (a) of this section shall not exceed 35% of the lesser of:
(1) the total cost of eligible construction expenses; or
(2) 80% of the national median sale price for new homes on the date of sale, as determined by the most recent census data available.
(b) The Department shall develop by regulation an application form and a process for the distribution of financial assistance under this section.
(c) Financial assistance provided under this section may be allocated among the partners, members, or shareholders of a business entity in any manner agreed to by those persons in writing.
(c) Financial assistance provided under this section may be allocated among the partners, members, or shareholders of a business entity in any manner agreed to by those persons in writing.
(d) Financial assistance provided under this section may be used in conjunction with other State, federal, or local funding sources.
(d) Financial assistance provided under this section may be used in conjunction with other State, federal, or local funding sources.
(e) A qualified project receiving financial assistance under this section shall be in compliance with local development and land use plans.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.