Md. Code Regs. 05.04.10.03

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

Section 05.04.10.03 - Definitions

A. Terms defined in the Act have the meanings set forth in the Act. In addition, the terms set forth below have the meanings indicated.

B. Terms Defined.

(1) "Act" means Housing and Community Development Article, Title 4, Subtitle 2, Annotated Code of Maryland, as amended.

(2) "Administration" means the Community Development Administration, a division of the Department of Housing and Community Development.

(3) "Borrower" means a natural person or persons, partnership, corporation, or other business entity that is eligible for a loan under the program. Applicants for a loan are borrowers until they are determined ineligible for a loan.

(4) "Code" means the Internal Revenue Code of 1954, as amended, and the regulations issued under that Code.

(5) "Department" means the Department of Housing and Community Development.

(6) "Energy loan" means a loan or a portion of a loan, the proceeds of which are used exclusively to finance energy conservation or solar energy improvements set forth in Regulation .06B, below.

(7) "Families of limited incomes" means families or persons whose incomes do not exceed the income limits established by the Secretary for the program pursuant to the Act.

(8) "FHA" means the Federal Housing Administration of the Department of Housing and Urban Development.

(9) "Lender" means any lending institution that:

(a) Maintains an office in the State;

(b) Originates and services home improvement loans in the State;

(c) Is a member of, or subject to regulation by, the Federal Savings and Loan Insurance Corporation, the Federal Deposit Insurance Corporation, the National Credit Union Administration, or Maryland Savings Share Insurance Corporation, or any successor, or is qualified to sell deeds of trust to and service deeds of trust for the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation;

(d) Has a contract of insurance from the appropriate loan insuring entity;

(e) As determined by the Administration, is able to repurchase property improvement loans if required to do so; and

(f) As determined by the Administration, is able to make any representations and warranties that the Administration requires.

(10) "Loan" means any loan made under the program.

(11) "Mortgage" means any mortgage or deed of trust on a residential property, improvements to which are financed by a loan.

(12) "MHF" means the Maryland Housing Fund, a division of the Department of Housing and Community Development.

(13) "Multifamily property" means any residential property containing:

(a) One or more dwelling units which are occupied by families other than the owner; or

(b) Two or more units, one of which is occupied by the owner.

(14) "Program" means the Administration's Home and Energy Loan Program.

(15) "Property improvement loan" means a loan or portion of a loan, the proceeds of which are used to finance any eligible improvements set forth in Regulation .06A, below.

(16) "Residential property" means any building that is used or proposed for use primarily for human dwelling purposes on a year-round basis.

(17) "Secretary" means the Secretary of Housing and Community Development.

(18) "Single family property" means any residential property containing not more than one unit which is the principal residence of the owner or which will be the principal residence of the owner by the earlier of the date of completion of improvements financed by the loan or 60 days from the date of the loan.

(19) "Title I" means Title I of the National Housing Act as amended.

(20) "Trust indenture" means any trust indenture, bond resolution, certificate, or other similar document, including amendments and supplements, that authorize the issuance and sale of bonds or other obligations of the Administration, the proceeds of which finance the loans.

Md. Code Regs. 05.04.10.03

Regulations .03 adopted as an emergency provision effective June 1, 1983 (10:12 Md. R. 1065); emergency status extended at 10:25 Md. R. 2262
Regulations .03 adopted effective December 5, 1983 (10:24 Md. R. 2184)