Md. Code Regs. 05.04.08.17

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

Section 05.04.08.17 - Certification of Income

A. Certification of Borrower's Household Income.

(1) At initial occupancy, and at least every 5 years after that, each borrower shall submit to the Department a signed certificate of annual income for each member of the household 18 years old or older, along with verification documentation acceptable to the Department.

(2) The exception set forth in §A(1) of this regulation does not apply to accessory loan borrowers whose eligibility depends on tenant household income.

B. Certification of Each Tenant's Household Income.

(1) Before initial occupancy and at least every 5 years after that, borrowers shall obtain a completed, signed income certification from all persons who occupy, or will occupy, the property as accessory, shared, or sheltered housing tenants. Borrowers shall certify to the Department at initial closing, and annually after that, that each household residing in a building unit has an annual income that does not exceed the then current income limits. The certification of the borrower shall show the current rent being charged for each unit. The borrower shall retain records documenting the information in the initial and annual income certifications for 3 years. The department reserves the right to inspect income certification records held by the borrower at any time.

(2) The requirement set forth in §A(2) of this regulation does not apply to accessory loans if eligibility for the loan depends on the borrower's household income.

Md. Code Regs. 05.04.08.17

Regulations .17 adopted effective June 7, 1993 (20:11 Md. R. 912)