Md. Code Regs. 05.03.06.02

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.03.06.02 - Scope

These regulations apply to mortgage loans financed through the Mortgage Yield Account of the Fund. The loans:

A. Are not subject to the Internal Revenue Code;

B. Are mortgage investments under the General Bond Certificate as described in Regulation .03B(13) of this chapter or mortgage loans that otherwise meet the requirements of the General Bond Certificate;

C. Are pledged to the bond holders under the General Bond Certificate;

D. May be ineligible for financing with proceeds of the Administration's mortgage revenue bonds or through other mortgage programs of the Department;

E. Enable borrowers to acquire, rehabilitate, and refinance owner-occupied residential housing of one to four units; and

F. May be made for acquisition of residential housing of one to four units in a project in accordance with forward commitments to developers for permanent take-out financing under the SPIF program.

Md. Code Regs. 05.03.06.02

Regulation .02B amended effective July 30, 2007 (34:15 Md. R. 1349)