(a) The Department shall: (1) manage the Program in a manner that: (i) serves all areas of the State; and (ii) does not create or aggravate low-income concentrations that adversely affect communities; (2) periodically set upper limits on adjusted annual income; (3) use federal or State programs that complement or facilitate carrying out the Program; and (4) adopt regulations to carry out the Program. (b) The Department shall adopt policies to ensure that each loan made under the Program is made only to: (1) a household that: (i) when the loan is made, has an adjusted annual income at or below the applicable upper limit that the Secretary sets under § 4-807 of this subtitle; and (ii) cannot qualify for conventional or other available departmental financing to enable the owner to continue to occupy the home, or to acquire, acquire and rehabilitate with or without demolition or lot consolidation, or refinance a home; (2) a developer that the Department reasonably believes can build or rehabilitate housing that a household of limited income can afford; and (3) an owner-occupant of a residential building with not more than four units if each unit other than the owner's will be occupied by a household of limited income. (c) (1) For each type of loan described in § 4-804 of this subtitle, the Department periodically shall set: (i) appropriate terms, including deferred payments on principal and interest; and (ii) a preferred interest rate that may be as low as 0.0% or as high as is reasonable in light of the incomes of the proposed occupants. (2) In setting these terms and interest rates, the Department shall take into account rates available in the conventional private housing market and the adjusted annual income and assets of prospective borrowers.
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