Md. Code Regs. 05.05.05.21

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

Section 05.05.05.21 - Allocation of Funds

A. It is the intent of the Department that Program funds be made available Statewide.

B. Funds generally shall be available on a first-come, first-served basis and be based upon the readiness of projects to initiate construction or rehabilitation. If a project application is submitted, but funding is not then available under the Program, the Program, in its discretion, may continue to process the application until funding is available, and then may authorize the capital assistance without the necessity of a new application.

C. If applications for capital assistance exceed available financing, the Department, in approving projects for funding, may give priority to projects that provide:

(1) A greater percentage of housing for families with children; or

(2) An equitable distribution of funds Statewide.

D. Funding Availability.

(1) The Department shall publicize the Program on the Department's website or by such other means as the Department determines to be appropriate. Any publications shall provide general information about the availability of funding.

(2) The Department may at any time consider applications for a loan or loans or may establish beginning and ending dates for the receipt of applications.

(3) The Department shall provide notice on the Department's website, or by such other means as the Department determines to be appropriate, of the lack of funding availability that would result in closing of the Program or restrictions on the acceptance of applications.

E. Limitations.

(1) The Department may specify the type of applications it will consider, and may limit during any period the type of applications that it will receive on the basis of:

(a) The type of entity providing primary financing of the undertaking;

(b) The amount of local government contributions;

(c) The number or proportion of eligible residents who will reside in the undertaking;

(d) The areas of the State in which the undertaking is located; or

(e) Other factors the Department considers relevant.

(2) The Department may also establish priorities among applications.

Md. Code Regs. 05.05.05.21

Regulations .21 adopted effective November 11, 1991 (18:22 Md. R. 2393)
Regulations .21 adopted effective December 15, 2008 (35:25 Md. R. 2150)