Section 4-409 - Deferred payment loans. - Maryland Statutes

§ 4-409. Deferred payment loans.
 

(a)  Use of loans.- Money in the Fund may be used to make a deferred payment loan to an approved applicant to: 

(1) acquire, construct, or rehabilitate an elderly rental housing project; or 

(2) convert existing rental housing to an elderly rental housing project. 

(b)  Loans subordinate to other financing.- A deferred payment loan under this section may be subordinate to other financing. 
 

[An. Code 1957, art. 83B, § 2-807; 2005, ch. 26, § 2.]