2013 Maryland Code
HOUSING AND COMMUNITY DEVELOPMENT
§ 4-1501 - Definitions

§4-1501.

(a) In this subtitle the following words have the meanings indicated.

(b) (1) “Development costs” means costs incurred to construct or rehabilitate a project.

(2) “Development costs” includes the costs of:

(i) necessary studies, surveys, plans, or specifications;

(ii) architectural, engineering, or other specialized services;

(iii) the acquisition of land or improvements;

(iv) site preparation or development;

(v) construction, reconstruction, rehabilitation, ancillary demolition, lot consolidation, or improvement;

(vi) acquisition of necessary machinery, equipment, or furnishings;

(vii) the initial occupancy expenses of the project;

(viii) indemnity bonds, surety bonds, or insurance premiums; and

(ix) other fees or relocation expenses.

(c) “Family of lower income” means a family or individual whose income:

(1) does not exceed the upper income limits that the Secretary establishes under § 4-1505 of this subtitle; and

(2) is lower than the income limits established for families of limited income as provided in § 4-212 of this title.

(d) “Fund” means the Rental Housing Programs Fund under Subtitle 5 of this title.

(e) “Office or other commercial space conversion” means the conversion to rental housing of a building that:

(1) is in a sustainable community as defined in § 6-301 of this article;

(2) was built more than 30 years before an application is submitted to the Department to finance the conversion;

(3) consists of at least two floors at or above ground level; and

(4) was last used as office or other commercial space.

(f) (1) “Operating costs” means a cost that a sponsor of a completed project incurs that is necessary to maintain or operate a project.

(2) “Operating costs” includes payments of principal and interest on a loan to cover development costs.

(g) “Program” means the Rental Housing Production Program.

(h) “Program loan” means a loan that the Department makes under this subtitle.

(i) “Project” means a rental housing production project that meets the qualifications under § 4-1504 of this subtitle.

(j) “Sponsor” means the Department, a political subdivision, or a person that applies for a Program loan.