Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 04 - SPECIAL LOAN PROGRAMS
Chapter 05.04.12 - Construction Loan Program
Section 05.04.12.02 - Objective
Universal Citation: MD Code Reg 05.04.12.02
Current through Register Vol. 51, No. 6, March 22, 2024
The basic objectives of the program are to provide:
A. Construction-only financing to sponsors to acquire, construct, or rehabilitate adequate, safe, and sanitary single family and rental properties for occupancy by families of limited income, when permanent financing is assured;
B. Financing to sponsors for preconstruction costs for the development of housing for occupancy by families of limited income, to eligible properties where construction and permanent financing is assured; and
C. Land bank financing to local governments for the acquisition of land or interests in land to be held for future development of housing for occupancy by families of limited income.
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