Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 03 - HOMEOWNERSHIP PROGRAMS
Chapter 05.03.02 - Community Development Administration Residential Mortgage Program
Section 05.03.02.17 - Project Development-Eligible Projects
Current through Register Vol. 51, No. 6, March 22, 2024
A. Developments of eligible residences or portions of the developments may be approved as eligible projects. The Administration may limit the number of eligible residences it will finance in any development of which the project is a part. If a development consists of more than one section, this limitation may be applicable to each section separately, as well as to the development as a whole.
B. Project Units.
C. Projects involving rehabilitation are eligible for a commitment if:
D. If a project involves new construction or will change the type of use or increase the intensity of the existing use of the property, the project is eligible for a forward commitment only if the:
E. Regulations .03-.10 of this chapter apply to mortgage loans to finance acquisition of eligible residences located in eligible projects whether the mortgage loans are made directly by the Administration or purchased by the Administration from participating lenders.
F. If the project consists of newly constructed homes, then the project shall be located within a priority funding area identified under State Finance and Procurement Article, § 5-7 B-02, Annotated Code of Maryland.
G. Section F of this regulation does not apply to loans financed solely with the proceeds of revenue bonds issued under a transfer by a county to the Administration of the Maryland State ceiling under Financial Institutions Article, Title 13, Subtitle 8, Annotated Code of Maryland.