Section 4-1507 - Regulations. - Maryland Statutes

§ 4-1507. Regulations.
 

(a)  In general.- The Department shall adopt regulations to carry out the Program. 

(b)  Scope.- By regulation, the Department may establish: 

(1) standards of eligibility for sponsors; 

(2) limitations on the return on investment allowed to sponsors; 

(3) requirements for the number of bedrooms in a project for each income range; 

(4) terms, fees, and charges of Program loans; 

(5) a process to select projects that ensures a broad geographic distribution of money; and 

(6) incentives for nonprofit sponsors to participate in the Program, including: 

(i) reserving part of the Fund for a period of time for Program loans to nonprofit sponsors; and 

(ii) allowing advance payment to nonprofit sponsors for development costs, including architects', engineers', and attorneys' fees. 
 

[An. Code 1957, art. 83B, §§ 2-504(a)(6), 2-508; 2005, ch. 26, § 2.]