Md. Code Regs. 05.06.04.04

Current through Register Vol. 51, No. 22, November 1, 2024

Section 05.06.04.04 - Definitions

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

B. Terms Defined.

(1) "Act" means Housing and Community Development Article, Title 3, Subtitle 2, Annotated Code of Maryland.

(2) "Administration" means the Community Development Administration, an agency in the Division of Development Finance of the Department.

(3) "Default" means the failure of the sponsor to:

(a) Make required payments under the mortgage loan when due including any applicable grace period; or

(b) Perform any other obligation under the mortgage loan after the notice, lapse of time, and opportunity to correct, if any, which may be provided in the mortgage.

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

(5) "Director" means the Director of the Maryland Housing Fund.

(6) "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated under it.

(7) "Lender" means the Administration.

(8) "Maryland Housing Fund" or "the Fund" means the Maryland Housing Fund, an agency within the Division of Credit Assurance of the Department.

(9) "Nonprofit organization" means an organization:

(a) Whose organizational documents include among its charitable purposes the provision of housing to special needs populations; and

(b) Which is currently recognized by the Internal Revenue Service as a tax-exempt organization under §501(c)(3) of the Internal Revenue Code.

(10) "Program" means the Maryland Housing Fund mortgage insurance program of loans for special housing facility projects.

(11) "Project" means a special housing facility project within the meaning of the Act

(12) "Secretary" means the Secretary of Housing and Community Development.

(13) "Sponsor" means the borrower under a mortgage loan for a project and includes its successors and assigns by operation of law or as approved by the Maryland Housing Fund.

Md. Code Regs. 05.06.04.04