Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 04 - SPECIAL LOAN PROGRAMS
Chapter 05.04.06 - Lead Hazard Reduction Grant and Loan Program
Section 05.04.06.07 - Loan Terms and Requirements - Deferred Payment Loans
Current through Register Vol. 51, No. 6, March 22, 2024
A. Deferral. In order to make a loan affordable, the Program may approve deferral of principal and interest payments for a period of time or until the transfer of the property or an interest in the property.
B. Eligibility for a Deferred Payment Loan. The applicant shall submit evidence satisfactory to the Program that the project requires terms of deferral under the Program underwriting criteria.
C. Security for a Deferred Payment Loan.
D. Maximum Loan Amount for a Deferred Payment Loan. A sponsor may not receive commitments for more than $250,000 during a fiscal year for grants and deferred payment loans combined. This limit is reduced to $75,000 for child care centers. The sponsor limit applies to the sponsor and all related corporations, partnerships, and other business entities.
E. Forgiveness of Deferred Payment Loans.