(a) In offering insurance and other forms of credit enhancement, the Department shall adopt eligibility standards that are reasonable to aid in: (1) financing the purchase, construction, or rehabilitation of: (i) housing projects; (ii) special housing facility projects, consisting of the acquisition, rehabilitation, improvement, renovation, construction, financing, or refinancing of a building that: 1. provides common, shared, or independent living, dining, kitchen, sanitary, and sleeping facilities; 2. may include supportive services or supervisory live- in personnel for individuals with specialized housing needs; and 3. may include nonresidential facilities to serve individuals with special needs who may or may not be residents of the special housing facility; (iii) rehabilitation projects, as defined in § 4-901 of this article; (iv) energy conservation projects; (v) solar energy projects; (vi) public purpose projects; (vii) infrastructure projects; or (viii) business projects; and (2) the sale or other transfer of an obligation that is: (i) denoted as a bond, note, collateralized obligation, grantor trust, conduit, or other form of security or obligation; and (ii) backed directly or indirectly by a mortgage or a payment derived from a mortgage. (b) The standards adopted under subsection (a) of this section shall ensure that a lender benefiting from insurance or other credit enhancement provided by the Department is responsible and able to service the loan. (c) A determination by the Secretary is conclusive if it relates to the eligibility of a project, facility, or undertaking for: (1) insurance or other credit enhancement; or (2) other action taken by the Department, in its own name or in the name of the Fund, under this subtitle.
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