Md. Code Regs. 05.05.01.24

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

Section 05.05.01.24 - Secretary's Reserve

A. Each year there is a Secretary's reserve of up to 15 percent of the total amount of money allocated to the Fund for that year.

B. In the event of emergency or unexpected situations requiring urgent action, or for special projects designated by the Secretary, the Secretary may approve loans and terms of loans for projects which may or may not meet the threshold requirements of Regulation .20 of this chapter or which may or may not receive sufficient points under Regulation .21 of this chapter to be recommended to HFRC under Regulation .22 of this chapter. The aggregate annual dollar amount of loans approved under this section may not exceed the amount of the Secretary's reserve in §A of this regulation.

C. The Secretary may make any funds remaining in the Secretary's reserve available to projects competing for loans at any time. After that, the funds are not available through the Secretary's reserve.

Md. Code Regs. 05.05.01.24

Regulations .24 adopted effective March 4, 1991 (18:4 Md. R. 446)
Regulations .01_.23 Rental Housing Program repealed and new Regulations .24 Multifamily Rental Financing Program adopted effective March 13, 2006 (33:5 Md. R. 518)