Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 04 - SPECIAL LOAN PROGRAMS
Chapter 05.04.10 - Home and Energy Loan Program
Section 05.04.10.03 - Definitions
Universal Citation: MD Code Reg 05.04.10.03
Current through Register Vol. 50, No. 25, December 15, 2023
A. Terms defined in the Act have the meanings set forth in the Act. In addition, the terms set forth below have the meanings indicated.
B. Terms Defined.
(1) "Act" means Housing and Community
Development Article, Title 4, Subtitle 2, Annotated Code of Maryland, as
amended.
(2) "Administration" means
the Community Development Administration, a division of the Department of
Housing and Community Development.
(3) "Borrower" means a natural person or
persons, partnership, corporation, or other business entity that is eligible
for a loan under the program. Applicants for a loan are borrowers until they
are determined ineligible for a loan.
(4) "Code" means the Internal Revenue Code of
1954, as amended, and the regulations issued under that Code.
(5) "Department" means the Department of
Housing and Community Development.
(6) "Energy loan" means a loan or a portion
of a loan, the proceeds of which are used exclusively to finance energy
conservation or solar energy improvements set forth in Regulation .06B,
below.
(7) "Families of limited
incomes" means families or persons whose incomes do not exceed the income
limits established by the Secretary for the program pursuant to the
Act.
(8) "FHA" means the Federal
Housing Administration of the Department of Housing and Urban
Development.
(9) "Lender" means any
lending institution that:
(a) Maintains an
office in the State;
(b) Originates
and services home improvement loans in the State;
(c) Is a member of, or subject to regulation
by, the Federal Savings and Loan Insurance Corporation, the Federal Deposit
Insurance Corporation, the National Credit Union Administration, or Maryland
Savings Share Insurance Corporation, or any successor, or is qualified to sell
deeds of trust to and service deeds of trust for the Federal National Mortgage
Association or the Federal Home Loan Mortgage Corporation;
(d) Has a contract of insurance from the
appropriate loan insuring entity;
(e) As determined by the Administration, is
able to repurchase property improvement loans if required to do so;
and
(f) As determined by the
Administration, is able to make any representations and warranties that the
Administration requires.
(10) "Loan" means any loan made under the
program.
(11) "Mortgage" means any
mortgage or deed of trust on a residential property, improvements to which are
financed by a loan.
(12) "MHF"
means the Maryland Housing Fund, a division of the Department of Housing and
Community Development.
(13)
"Multifamily property" means any residential property containing:
(a) One or more dwelling units which are
occupied by families other than the owner; or
(b) Two or more units, one of which is
occupied by the owner.
(14) "Program" means the Administration's
Home and Energy Loan Program.
(15)
"Property improvement loan" means a loan or portion of a loan, the proceeds of
which are used to finance any eligible improvements set forth in Regulation
.06A, below.
(16) "Residential
property" means any building that is used or proposed for use primarily for
human dwelling purposes on a year-round basis.
(17) "Secretary" means the Secretary of
Housing and Community Development.
(18) "Single family property" means any
residential property containing not more than one unit which is the principal
residence of the owner or which will be the principal residence of the owner by
the earlier of the date of completion of improvements financed by the loan or
60 days from the date of the loan.
(19) "Title I" means Title I of the National
Housing Act as amended.
(20) "Trust
indenture" means any trust indenture, bond resolution, certificate, or other
similar document, including amendments and supplements, that authorize the
issuance and sale of bonds or other obligations of the Administration, the
proceeds of which finance the loans.
Regulations .03 adopted
as an emergency provision effective June 1, 1983 (10:12 Md. R. 1065); emergency
status extended at 10:25 Md. R. 2262
Regulations .03 adopted
effective December 5, 1983 (10:24 Md. R. 2184)
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