Section 4-1801 - Definitions. - Maryland Statutes

§ 4-1801. Definitions.
 

(a)  In general.- In this subtitle the following words have the meanings indicated. 

(b)  Affordable.- "Affordable" means that housing costs do not exceed 30% of a household's income. 

(c)  Area median income.- "Area median income" means the median household income for the area adjusted for household size as published and annually updated by the United States Department of Housing and Urban Development. 

(d)  Development costs.- "Development costs" means costs related to acquisition, site clearance and preparation, relocation, construction, renovation, financing, refinancing, engineering, or architectural plans. 

(e)  Fund.- "Fund" means the Workforce Housing Fund. 

(f)  Household of low or moderate income.- "Household of low or moderate income" means a household that a qualifying local government determines cannot afford a sales price or rent sufficient to induce private enterprise in the area of the qualifying local government to develop enough adequate and safe housing without the assistance of a program. 

(g)  Housing costs.- "Housing costs" means: 

(1) rent for a rental housing unit; or 

(2) mortgage principal and interest, real property taxes, and insurance for a housing unit that is for sale. 

(h)  Net proceeds of transfer.- "Net proceeds of transfer" means all amounts paid to the original buyer or obligations of the original buyer assumed by a purchaser of a workforce housing unit minus: 

(1) reasonable costs paid by the original buyer; 

(2) the combined amount of Program funds and qualifying local government matching funds used to develop the workforce housing unit; and 

(3) other liens as permitted by regulation by the Department. 

(i)  Priority funding area.- "Priority funding area" has the meaning stated in § 5-7B-02 of the State Finance and Procurement Article. 

(j)  Program.- "Program" means the Workforce Housing Grant Program. 

(k)  Qualifying local government.- "Qualifying local government" means a county or municipal corporation that qualifies for participation in the Program under § 4-1803 of this subtitle. 

(l)  Workforce housing.- "Workforce housing" means: 

(1) rental housing that is affordable for a household with an aggregate annual income between 50% and 100% of the area median income; or 

(2) homeownership housing that: 

(i) except as provided in item (ii) of this item, is affordable to a household with an aggregate annual income between 60% and 120% of the area median income; or 

(ii) in target areas that are recognized by the Secretary for purposes of administering the Maryland Mortgage Program, is affordable to a household with an aggregate annual income between 60% and 150% of the area median income. 
 

[2006, ch. 483; 2007, ch. 603.]