Md. Code Regs. 34.04.02.09

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

Section 34.04.02.09 - Administration of Loans and Transfers

A. Books and Records.

(1) Borrowers, contractors, subcontractors, and transferees shall maintain those books, accounts, and records and shall file with the Trust those financial and other reports as the Trust may from time to time require. All of these books, accounts, and records shall be open to the inspection of representatives of the Trust or other agencies of the State during reasonable working hours before, during, or after the term of the loan or transfer. Borrowers and transferees shall make their administrative offices and personnel, whether full-time, part-time, consultants, or volunteers, available to the Trust upon request before, during, or after the term of the loan or transfer.

(2) Books, accounts, and records of contractors and subcontractors shall be maintained and made available for inspection for up to 3 years after:

(a) With respect to loans, either the date of the borrower's final draw of loan proceeds or the termination of the contractual relationship between the contractor and the borrower, whichever is later; or

(b) With respect to transfers, the date of the transfer.

B. Reports.

(1) Borrowers shall submit a final report, interim reports, and supporting materials as may be required by the Trust, documenting project progress and evaluating project effectiveness.

(2) On or before June 30 each year, a transferee shall provide an annual report to the Trust outlining all funds transferred to it, describing how proceeds of a transfer were expended, and confirming that the funds were used for their intended purpose and in compliance with Regulation .08D of this chapter. The annual report shall distinguish between administrative costs and programmatic expenses.

(3) At the Trust's request, a transferee shall provide a copy of the organization's annual financial review or audit.

C. Nondiscrimination.

(1) Borrowers and transferees may not discriminate on the basis of age (except with respect to residents in elderly projects), race, color, religion, ancestry or national origin, sex, marital status, familial status, sexual orientation, gender identity, disability, or source of income in leasing or otherwise providing dwelling accommodations or in any other aspect of the development, administration, or operation of any project financed or assisted under the Program, or in any aspect of employment by any borrower, developer, or contractor of any project financed under the Program.

(2) Each borrower and transferee shall comply with all applicable federal, State, and local laws and Departmental policies and programs regarding discrimination and equal opportunity in employment, housing, and credit practices including:

(a) Titles VI and VII of the Civil Rights Act of 1964, as amended;

(b) Title VIII of the Civil Rights Act of 1968, as amended;

(c) The Governor's Code of Fair Practices, as amended; and

(d) The Department's Minority Business Enterprise Program, as amended, if the borrower does not have its own minority business participation program which is acceptable to the Trust and the Department.

Md. Code Regs. 34.04.02.09

Regulations .09 amended effective 51:16 Md. R. 744, eff. 8/19/2024.