Section 4-408 - Application for loan. - Maryland Statutes

§ 4-408. Application for loan.
 

(a)  Required review.- The Department shall review applications for loans submitted by private or nonprofit sponsors, political subdivisions, or local housing authorities established under Division II of this article on behalf of sponsors of proposed elderly rental housing projects. 

(b)  Review process.- In reviewing an application for a deferred payment loan under § 4-409 of this subtitle, the Department shall consider: 

(1) the degree of local government incentive and support provided to the proposed residential rental facility supported by money from the Fund, including contribution of land, abatement of taxes or fees, direct or indirect rental subsidies, and grants; 

(2) the extent to which low-income elderly households will be assisted by granting the application; 

(3) the number and percentage of low-income elderly households in the political subdivision; and 

(4) the quantity and condition of residential property in the political subdivision. 
 

[An. Code 1957, art. 83B, § 2-808; 2005, ch. 26, § 2; 2006, ch. 63, § 6; ch. 64; ch. 118, § 2.]