Md. Code Regs. 05.03.07.08

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

Section 05.03.07.08 - Funding Procedures and Reporting Requirements

A. At the closing on an eligible residence, the local jurisdiction shall provide funds for the local jurisdiction's contribution and the Department's contribution to the LNYW grant.

B. Before agreeing to fund an LNYW grant to an employee, the local jurisdiction shall confirm:

(1) That the property to be purchased is an eligible residence;

(2) The eligibility of the employer and the employee;

(3) The employee's household income;

(4) That the employee has already made or at closing shall make a contribution of at least $1,000 towards the purchase of the home;

(5) That the employer has made a contribution of at least $1,000 towards the LNYW grant; and

(6) That at least 51 percent of all of the LNYW grant recipients for the local jurisdiction's LNYW project are families of limited income.

C. The local jurisdiction may, at its own risk, fund LNYW grants which do not comply with §B(6) of this regulation. However, the Department shall only reimburse the local jurisdiction for the Department's contribution to an LNYW grant if, at the time the request for reimbursement is submitted to the Department, at least 51 percent of the LNYW grant recipients for the local jurisdiction's LNYW project are families of limited income.

D. After the closing, the local jurisdiction shall submit to the Department a request for reimbursement of the Department's contribution to the LNYW grant in the form required by the Department. The Department may require evidence of the closing and the fulfillment of all Departmental requirements before reimbursing the local jurisdiction for funds advanced for the Department's share of the LNYW grant. If any of the requirements of this chapter have not been met, the Department may deny a request for reimbursement.

E. Reporting Requirements.

(1) The local jurisdiction shall make a report to the Department at times required by the Department.

(2) The report shall be in the form and contain information required by the Department.

F. Overcommitment. If a local jurisdiction receives an application and financial commitment from an employer which would cause the total amount of financial commitments from all employers to exceed the total amount of the Program grant to the local jurisdiction, the local jurisdiction may not accept the new employer in the local jurisdiction's LNYW project, unless the local jurisdiction first informs all participating employers that:

(1) The local jurisdiction intends to accept a new commitment from an employer which will cause the total financial commitments of employers to exceed the total amount of the Program grant;

(2) Funds may be unavailable to fund all applications for LNYW grants; and

(3) Any new applications for LNYW grants shall be funded on a first-come, first-served basis.

G. Right to Reallocate. At any time after 6 months from the date of any grant agreement with a local jurisdiction, the Department may elect to reallocate any unused Program grant funds, originally allocated to a local jurisdiction, to another local jurisdiction.

Md. Code Regs. 05.03.07.08