Section 3-201 - Definitions. - Maryland Statutes

§ 3-201. Definitions.
 

(a)  In general.- In this subtitle the following words have the meanings indicated. 
   
Revisor's Note.

This subsection formerly was Art. 83B, § 3-202(a). 
 

No changes are made. 

(b)  Credit enhancement.- "Credit enhancement" means a guarantee, including a guarantee of an obligation backed by a pool of mortgages, or other assurance or security device issued to: 

(1) improve the credit of a qualified borrowing entity; or 

(2) upgrade the security or rating of a financial obligation, including: 

(i) a mortgage backed security; 

(ii) a certificate of participation; and 

(iii) a bond or note issued to finance a development activity described in this subtitle. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83B, § 3-202(b). 
 

In the introductory language of this subsection, the former references to "any form" and "other form" are deleted as surplusage. 
  Defined Terms.


 
"Mortgage"                                                           § 3-201

(c)  Energy conservation project.- "Energy conservation project" has the meaning stated in § 4-201 of this article. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83B, § 3-202(d), as it defined "energy conservation project". 

(d)  Financing.- "Financing" includes acquisition financing, permanent financing, short-term bridge financing, construction financing, and refinancing of a loan or project authorized under this subtitle. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83B, § 3-202(e). 
 

The reference to construction financing "and" refinancing is substituted for the former reference to construction financing "or" refinancing as standard language used in a list of items introduced by the word "includes". 
 

The former reference to "any type of" loan or project is deleted as surplusage. 

(e)  Fund.- "Fund" means the Maryland Housing Fund. 
   
Revisor's Note.

This subsection is new language added to provide a concise reference to the Maryland Housing Fund. 

(f)  Housing.- "Housing" includes: 

(1) a single dwelling unit; 

(2) a multiple dwelling unit; 

(3) an accessory unit residential facility; 

(4) a shared-living unit facility, accommodating at least two individuals or families, in which some or all of the living, dining, kitchen, or sanitary facilities are shared; and 

(5) an ancillary commercial or other facility that is related to, incidental to, and supportive of the housing. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83B, § 3-202(f) and (i). 

(g)  Infrastructure project.- "Infrastructure project" has the meaning stated in § 4-201 of this article. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83B, § 3-202(d), as it defined "infrastructure project". 

(h)  Mortgage.- "Mortgage" includes: 

(1) a deed of trust, a security agreement, and a pledge; and 

(2) any other security arrangement securing a loan, including a mortgage, to finance: 

(i) the purchase of stock or membership in a cooperative ownership housing corporation; or 

(ii) the construction or rehabilitation of dwelling units in a cooperative ownership housing corporation. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83B, § 3-202(g). 

(i)  Public purpose project.- "Public purpose project" has the meaning stated in § 4-201 of this article. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83B, § 3-202(d), as it defined "public purpose project". 

(j)  Solar energy project.- "Solar energy project" has the meaning stated in § 4-201 of this article. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83B, § 3-202(d), as it defined "solar energy project". 
 

[An. Code 1957, art. 83B, § 3-202(a), (b), (d)-(g), (i); 2005, ch. 26, § 2.]