Section 4-807 - Adjusted annual income. - Maryland Statutes

§ 4-807. Adjusted annual income.
 

(a)  Factors to consider.- In setting upper limits on adjusted annual income, the Department shall consider factors including: 

(1) the total income of each individual expected to live in the home; 

(2) the size of the household; 

(3) the cost of available housing facilities; 

(4) the ability of the household to compete successfully in the conventional private housing market; and 

(5) pertinent standards and definitions established for federal housing programs. 

(b)  Differences in upper limits on adjusted annual income.- Upper limits on adjusted annual income may vary for different: 

(1) types of housing; 

(2) types of financing offered by the Program; and 

(3) regions. 

(c)  Lower income limit ranges; lower interest rates.- Within the upper limits on adjusted annual income, lower income limit ranges and lower interest rates may be established for loans to households with adjusted annual incomes in the lower ranges. 

(d)  Limit on adjusted annual income.- Except for loans made under § 4-804(4) and (6) of this subtitle, the upper limits on adjusted annual income established under subsection (a) of this section may not exceed the median annual family income. 
 

[An. Code 1957, art. 83B, § 2-604(a)(5), (b); 2005, ch. 26, § 2; 2007, chs. 292, 293.]