Md. Code Regs. 05.05.01.22

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

Section 05.05.01.22 - Recommendation and Approval

A. After considering the scores under the project evaluation criteria of Regulation .21 of this chapter and the availability of resources, the program staff shall select projects for review and recommendation for funding by the Housing Finance Review Committee. The number of projects selected will vary depending on the availability of funds.

B. The Housing Finance Review Committee shall review the projects selected by program staff and recommend projects to the Secretary for reservation of funds and loan commitments.

C. Upon receipt of the recommendation of the Housing Finance Review Committee, the Secretary shall approve or disapprove the loan and the terms of the loan. A written determination that each loan, regardless of the loan amount, is statutorily authorized and approved by the Secretary shall be executed before the issuance of a reservation of funds or loan commitment.

D. In an emergency, when urgent action is required or for loans below the minimum amount established by the Housing Finance Review Committee, the Secretary may approve a loan which would otherwise have been forwarded to HFRC, without the recommendation of HFRC.

E. The Program Director shall issue written notice in accordance with Regulation .25G of this chapter to the sponsor of a project which was rated and ranked and then not approved by the Secretary for a reservation of funds.

Md. Code Regs. 05.05.01.22

Regulations .22 adopted effective March 4, 1991 (18:4 Md. R. 446)
Regulations .22 Rental Multifamily Rental Financing Program adopted effective March 13, 2006 (33:5 Md. R. 518)