Section 4-929 - Nonprofit Rehabilitation Program. - Maryland Statutes

§ 4-929. Nonprofit Rehabilitation Program.
 

(a)  Established.- There is a Nonprofit Rehabilitation Program. 

(b)  Duties of Department.- The Department shall: 

(1) operate the Nonprofit Rehabilitation Program; and 

(2) make loans for rehabilitation projects to nonprofit sponsors under this subtitle. 

(c)  Terms of loans.- The terms of a nonprofit rehabilitation loan shall meet the requirements of § 4-916(b) of this subtitle. 

(d)  Qualifications for loan.- To qualify for a nonprofit rehabilitation loan, a nonprofit sponsor shall: 

(1) own or have a contract to acquire the building to be rehabilitated or act on behalf of the owner; 

(2) demonstrate the capability to manage the rehabilitated project and pay back the loan; and 

(3) agree to use the loan proceeds for a rehabilitation project that provides housing for families of limited income in accordance with the requirements of § 4-918(a) and (b) of this subtitle. 

(e)  Optional building uses.- A nonprofit sponsor that qualifies for a nonprofit rehabilitation loan may provide for: 

(1) nonresidential uses that are not directly related to the residential facilities but occupy a minor part of the building and offer goods or services for families of limited income or other disadvantaged individuals; or 

(2) periodic or temporary limited use of the residential or nonresidential space of the building for activities that make the project more financially viable and do not harm the use of the project as housing for families of limited income. 
 

[An. Code 1957, art. 83B, § 2-305; 2005, ch. 26, § 2; 2006, ch. 118, § 2.]