Section 4-407 - Elderly rental housing project. - Maryland Statutes

§ 4-407. Elderly rental housing project.
 

(a)  In general.- A project qualifies as an elderly rental housing project, if: 

(1) its purpose is to acquire, construct, or rehabilitate all or part of a building or improvement that will be occupied by low-income elderly households as provided in this subsection; 

(2) some dwelling units in the project are set aside for low-income elderly households for at least the greater of 15 years or the number of years required by federal law; and 

(3) the number of dwelling units so set aside is at least the greatest of: 

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

(ii) 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 

(iii) 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 part of the costs of the project is financed with government-issued federally tax-exempt revenue bonds. 

(b)  Dwelling units counted toward minimum requirement.- Dwelling units that may be counted toward the minimum number required under subsection (a) of this section include: 

(1) a dwelling unit set aside for occupancy to meet another federal or State occupancy requirement; and 

(2) a dwelling unit that is for single room occupancy or is for shared living. 
 

[An. Code 1957, art. 83B, § 2-801(e); 2005, ch. 26, § 2.]