Md. Code Regs. 05.04.01.17

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

Section 05.04.01.17 - Allocation of Funds

A. Annual Allocation.

(1) The Department shall allocate annually the funds available to the Program among the political subdivisions and to a reserve held by the Department to ensure that all areas of Maryland are served.

(2) Up to 25 percent of the total monies available for the Program may be held in reserve and not allocated to the counties, out of which reserve the Department may either itself originate loans or from time to time reallocate these funds to the counties.

(3) The allocations to the political subdivisions shall take into account those factors in Housing and Community Development Article, § 4-911, Annotated Code of Maryland.

(4) The Department shall notify, in writing, each political subdivision of its allocation.

(5) At the end of each calendar quarter, the Department may evaluate the allocations in relation to demand for loans as evidenced by applications for loans, and may reallocate the funds among the counties in accordance with demand. The Department may notify a county in writing of any reallocations of funds.

B. The chief elected official of any political subdivision which has been notified of an allocation and which desires to participate in the Program shall, as a condition precedent to disbursement of funds from its allocation, submit a letter to the Department within 45 days after receipt of notice of its allocation indicating the intent of the political subdivision to participate in the program.

C. If a political subdivision fails to comply with the provisions of §B of this regulation or is unable to comply, the Department may itself originate and administer loans from the fund allocated to the political subdivision or reallocate the funds to another political subdivision.

Md. Code Regs. 05.04.01.17

Regulations .17egulations .17 and .18 adopted effective February 11, 1985 (12:3 Md. R. 243)
Regulations .17 adopted effective July 22, 1991 (18:14 Md. R. 1609)
Regulations .17 amended effective November 9, 1992 (19:22 Md. R. 1986)