§ 4-203
179 words·~1 min read·
/md/housing-and-community-development/4-203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4–203.
(a)To attract and retain teachers in the State by increasing homeownership opportunities, the General Assembly finds that there is a need to authorize the Department to develop a program to dedicate up to $25,000,000 over 5 years to provide mortgage loans to teachers at interest rates below the prevailing interest rate for similar programs.
(1)A mortgage loan under this section shall be available to a teacher who is a first–time home buyer.
(2)The loan shall be conditioned on an agreement by the teacher to teach in the State for at least 3 years if work is available for the teacher.
(3)The loan shall be used to purchase property in a priority funding area as defined in §§ 5–7B–02 and 5–7B–03 of the State Finance and Procurement Article.
(c)The Administration shall develop the program in consultation with:
(1)the State Department of Education, to ensure that the program is consistent with the State’s strategy to attract and retain teachers; and
(2)local boards of education, to ensure that the program is properly marketed.