Section 4-225 - Financing procedures - In general. - Maryland Statutes

§ 4-225. Financing procedures - In general.
 

(a)  Recipients of financial assistance.- The Administration shall administer a program of financial assistance for: 

(1) community development projects; 

(2) energy conservation projects; 

(3) home improvement projects; 

(4) public purpose projects; 

(5) solar energy projects; and 

(6) special housing facilities. 

(b)  Sources of money.- The Administration shall provide financial assistance for projects and facilities under this section with money that the Administration can get for them from any source, including: 

(1) payments under federal law; 

(2) bonds or notes issued by the Administration; 

(3) bonds or notes issued by the State; and 

(4) mortgage-backed securities and proceeds of investments in them. 

(c)  Mortgage required.- A loan for a home improvement project having a principal balance exceeding $5,000 shall be secured by a mortgage. 

(d)  Consent to modify agreements - Authority of Administration.- Subject to an agreement with noteholders or bondholders, the Administration may consent that a loan, loan commitment, or agreement to which the Administration is a party be modified as to: 

(1) the interest rate; 

(2) the time of payments of an installment of principal or interest; 

(3) security; or 

(4) any other term. 
 

[An. Code 1957, art. 83B, § 2-204(15)(i); 2005, ch. 26, § 2.]