Md. Code Regs. 05.06.07.03

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

Section 05.06.07.03 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Act" means Housing and Community Development Article, §§ 3-205, 4-805, and 4-909, Annotated Code of Maryland.

(2) "Area of operation" means the geographic area the nonprofit organization states to be the area within which it carries out its activities.

(3) "Deed-in-lieu" means a deed given by a borrower to a lender to satisfy a debt and avoid foreclosure.

(4) "Department" means the Department of Housing and Community Development, a principal department of the State.

(5) "Division" means the Division of Credit Assurance, a division of the Department.

(6) "Eligible property" means a single-family property owned by the Department that appears on a list of properties selected by the Division to be offered to eligible nonprofit organizations participating in the Program.

(7) "Internal Revenue Code" means the Federal Internal Revenue Code of 1986 and the regulations promulgated under it.

(8) "Nonprofit organization" means a not-for-profit corporation, foundation, or other legal entity that is exempt from federal income tax under § 501(c)(3) of the Internal Revenue Code.

(9) "Settlement costs" means the following costs:

(a) Attorney fees, including title examination fees, not to exceed $500;

(b) Document preparation fees;

(c) Recordation fees;

(d) State and local transfer and recordation taxes; and

(e) Other costs approved by the Division in its sole discretion.

(10) "Program" means the Community Housing Support Program.

(11) "Property taxes" means the taxes assessed and levied against the property annually by the State, county, and municipality.

(12) "Single-family property" means a one-unit to four-unit residential property.

Md. Code Regs. 05.06.07.03