§ 4-225
172 words·~1 min read·
/md/housing-and-community-development/4-225A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4–225.
(a)The Administration shall administer a program of financial assistance for:
(1)community development projects;
(2)energy conservation projects;
(3)home improvement projects;
(4)public purpose projects;
(5)solar energy projects;
(6)special housing facilities; and
(7)business projects.
(b)The Administration shall provide financial assistance for projects and facilities under this section with money that the Administration can get for them from any source, including:
(1)payments under federal law;
(2)bonds or notes issued by the Administration;
(3)bonds or notes issued by the State; and
(4)mortgage-backed securities and proceeds of investments in them.
(c)A loan for a home improvement project having a principal balance exceeding $5,000 shall be secured by a mortgage.
(d)Subject to an agreement with noteholders or bondholders, the Administration may consent that a loan, loan commitment, or agreement to which the Administration is a party be modified as to:
(1)the interest rate;
(2)the time of payments of an installment of principal or interest;
(3)security; or
(4)any other term.