Md. Code Regs. 05.04.01.07-1

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

Section 05.04.01.07-1 - Program Grants

A. The Department may make a Program loan in the form of a grant to a single family owner-occupant that meets the requirements of this regulation.

B. To be eligible for a grant, an applicant shall:

(1) Own and occupy the dwelling;

(2) Be a family of very low income; and

(3) Be unable to undertake the rehabilitation project without a grant as determined by the Department.

C. A grant may provide for:

(1) No required payments;

(2) The deferral of payments; or

(3) The reduction of the principal balance owed over a period of time.

D. The Department shall follow Regulations .09 -.15 of this chapter for approving and processing grants.

E. A grant may be unsecured or secured by a security instrument acceptable to the Department.

F. The Department may establish limitations:

(1) On the percentage of allocations and the percentage of the annual funding appropriated to the Program which may be used for grants; and

(2) On the maximum grant amount that may be awarded for a dwelling.

Md. Code Regs. 05.04.01.07-1

Regulations .07-1 adopted effective 43:13 Md. R. 712, eff. 7/4/2016