Section 4-203 - Program for teachers. - Maryland Statutes

§ 4-203. Program for teachers.
 

(a)  Allowed.- To attract and retain teachers in the State by increasing homeownership opportunities, the General Assembly finds that there is a need to authorize the Department to develop a program to dedicate up to $25,000,000 over 5 years to provide mortgage loans to teachers at interest rates below the prevailing interest rate for similar programs. 

(b)  Eligibility criteria.-  

(1) A mortgage loan under this section shall be available to a teacher who is a first-time home buyer. 

(2) The loan shall be conditioned on an agreement by the teacher to teach in the State for at least 3 years if work is available for the teacher. 

(3) The loan shall be used to purchase property in a priority funding area as defined in §§ 5-7B-02 and 5-7B-03 of the State Finance and Procurement Article. 

(c)  Consultation required.- The Administration shall develop the program in consultation with: 

(1) the State Department of Education, to ensure that the program is consistent with the State's strategy to attract and retain teachers; and 

(2) local boards of education, to ensure that the program is properly marketed. 
 

[An. Code 1957, art. 83B, § 2-201(a); 2005, ch. 26, § 2.]