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§ 4-2004. Loans.

MD House & Comm Dev Code § 4-2004 (2019) (N/A)
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(a)    Proceeds of a Program loan shall be used only for:

(1)    property acquisition and development costs for the construction of a net–zero home or low–energy home; and

(2)    settlement and closing costs.

(b)    A Program loan shall be secured by a mortgage lien that:

(1)    may be subordinate to other mortgage liens; and

(2)    may include terms, including deferred payment of principal and interest, that the Department considers necessary to make the project viable.

(c)    To apply for a loan under this subtitle, an applicant shall submit:

(1)    a completed application in a form that the Department requires;

(2)    information on projected energy usage, project design, and marketing data; and

(3)    any other information or documentation that the Department considers necessary to make a determination on the loan.

(d)    The Department may give a preference to an application for:

(1)    a net–zero home; or

(2)    a project that includes financing from other sources in addition to the Program loan.

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