Section 4-1504 - Qualification of project. - Maryland Statutes

§ 4-1504. Qualification of project.
 

(a)  In general.- To qualify under this subtitle, a project must be: 

(1) an office or other commercial space conversion; or 

(2) an undertaking to acquire, construct, or rehabilitate buildings and improvements or parts of them with at least a minimum number of dwelling units restricted for occupancy by families of lower income for at least the greater of 15 years and the number of years required by applicable federal law. 

(b)  Optional elements.- A project may include: 

(1) a single room occupancy facility; 

(2) a shared living unit facility; 

(3) an emergency or temporary shelter; and 

(4) limited equity cooperative housing as defined in § 143(k)(9)(C) of the Internal Revenue Code and regulations that the Internal Revenue Service adopts under § 143(k)(9)(C) of the Internal Revenue Code if, when shares are sold or transferred, the occupancy requirements under this section are satisfied. 

(c)  Minimum number of dwelling units.- The number of dwelling units restricted under subsection (a)(2) of this section shall be at least the greatest of: 

(1) the number that bears the same ratio to the whole number of dwelling units in the undertaking as the amount of the Program loan for the project bears to the whole financing of the undertaking; 

(2) the number of dwelling units chosen by the sponsor to satisfy federal occupancy requirements if the project receives federal low income housing tax credits; and 

(3) the number of dwelling units required for community development projects under § 4-217(b)(1)(ii) of this title or the number of dwelling units that the issuer of the bonds chooses, whichever is greater, if a part of the cost of the project is financed with government issued federally tax-exempt revenue bonds. 

(d)  Dwelling units counted toward minimum requirement.- Dwelling units restricted for occupancy to meet other federal or State occupancy requirements may be counted toward the minimum number required under this section. 
 

[An. Code 1957, art. 83B, § 2-501(e), (o)(1)(i), (ii)1-4, (2)(i), (ii); 2005, ch. 26, § 2.]