§ 4-810

243 words·~1 min read·/md/housing-and-community-development/4-810

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§4–810.

(a)To qualify for a loan under § 4-804(1)(i), (4), or

(5)of this subtitle, an applicant:

(1)shall be a member of a household of limited income;

(2)on closing of the loan, shall intend to reside in the home to be financed;

(3)may not own other property used as the applicant’s personal residence; and

(4)in the estimation of the Department, shall lack the financial resources to obtain a private conventional mortgage or to qualify for other departmental loan programs.

(b)To qualify for a loan under § 4-804(1)(ii) of this subtitle, an applicant:

(1)shall agree in writing to live as an owner-occupant in one of the units of a residential building with no more than four units;

(2)shall agree in writing to rent each unit other than the applicant’s unit to a household of limited income; and

(3)in the estimation of the Department, shall lack the financial resources to obtain a private conventional mortgage or qualify for other departmental loan programs.

(c)To qualify for a loan under § 4-804(2) of this subtitle, an applicant shall agree to sell or rent each dwelling unit constructed or rehabilitated with the proceeds of the loan to a household of limited income.

(d)To qualify for a loan under § 4–804(6) of this subtitle, an applicant shall:

(1)own and occupy the home as the applicant’s principal residence; and

(2)meet the income requirements set by the Department.