2013 Maryland Code
HOUSING AND COMMUNITY DEVELOPMENT
§ 4-1507 - Regulations
§4-1507.
(a) The Department shall adopt regulations to carry out the Program.
(b) By regulation, the Department may establish:
(1) standards of eligibility for sponsors;
(2) limitations on the return on investment allowed to sponsors;
(3) requirements for the number of bedrooms in a project for each income range;
(4) terms, fees, and charges of Program loans;
(5) a process to select projects that ensures a broad geographic distribution of money; and
(6) incentives for nonprofit sponsors to participate in the Program, including:
(i) reserving part of the Fund for a period of time for Program loans to nonprofit sponsors; and
(ii) allowing advance payment to nonprofit sponsors for development costs, including architects’, engineers’, and attorneys’ fees.
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