Section 4-2801 - Definitions(a) In this subtitle the following words have the meanings indicated.(b) "Affordable" means that monthly housing costs are affordable to a family of limited income as determined under § 4-212 of this title.(c) "Appraisal gap" means the amount by which the total cost of eligible construction expenses exceeds the contract sales price of a qualified property when it is initially sold to an owner-occupant.(d)(1) "Eligible construction expenses" means any amount that is expended on the construction or substantial rehabilitation of a qualified property.(2) "Eligible construction expenses" includes any amount expended on: (ii) roof repair and replacement;(iii) chimney repair and lining;(iv) internal and external doors;(viii) finished flooring;(xii) plumbing, electrical, and mechanical systems;(xiii) architectural and engineering consulting fees;(xiv) tools and equipment rental;(xvi) infrastructure; and(xvii) other expenses as determined by the Secretary.(e) "Financial assistance" includes: (3) a reduction in the principal obligation of or rate of interest payable on a loan or portion of a loan;(4) a prepayment of interest on a subordinate or superior loan or portion of a loan;(7) any other form of credit enhancement.(f) "Fund" means the Appraisal Gap From Historic Redlining Financial Assistance Fund established under this subtitle.(g) "Qualified project" means the construction or substantial rehabilitation of a qualified property if the eligible construction expenses do not exceed $500,000.(h) "Qualified property" means residential real property that is: (1) newly constructed or a formerly vacant structure that has been substantially rehabilitated;(2) located in:(i) a low-income census tract as defined by the U.S. Department of Housing and Urban Development; and(ii) an area designated as a sustainable community; and(3) constructed or rehabilitated with the purpose of being sold to an owner-occupant at an affordable sales price.(i) "Sustainable community" means an area designated as a sustainable community under § 6-205 of this article.Amended by 2024 Md. Laws, Ch. 156,Sec. 1, eff. 7/1/2024.Amended by 2024 Md. Laws, Ch. 155,Sec. 1, eff. 7/1/2024.Amended by 2023 Md. Laws, Ch. 135, Sec. 1, eff. 7/1/2023.Amended by 2023 Md. Laws, Ch. 134, Sec. 1, eff. 7/1/2023.Added by 2021 Md. Laws, Ch. 703, Sec. 1, eff. 7/1/2021.Added by 2021 Md. Laws, Ch. 702, Sec. 1, eff. 7/1/2021.