(a) To attract and retain teachers in the State by increasing homeownership opportunities, the General Assembly finds that there is a need to authorize the Department to develop a program to dedicate up to $25,000,000 over 5 years to provide mortgage loans to teachers at interest rates below the prevailing interest rate for similar programs.
(b) (1) A mortgage loan under this section shall be available to a teacher who is a first–time home buyer.
(2) The loan shall be conditioned on an agreement by the teacher to teach in the State for at least 3 years if work is available for the teacher.
(3) The loan shall be used to purchase property in a priority funding area as defined in §§ 5–7B–02 and 5–7B–03 of the State Finance and Procurement Article.
(c) The Administration shall develop the program in consultation with:
(1) the State Department of Education, to ensure that the program is consistent with the State’s strategy to attract and retain teachers; and
(2) local boards of education, to ensure that the program is properly marketed.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
