Md. Code Regs. 05.06.07.02

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

Section 05.06.07.02 - Objectives

The basic objectives of the Program are to:

A. Provide for the sale of single-family properties owned by the Department as a result of the Department's acquisition at foreclosure sale or by deed in lieu of foreclosure following a borrower default under the several loan programs or mortgage insurance program operated by the Department;

B. Encourage the health and vitality of communities where these properties are located by reducing the period of vacancy for these properties and facilitating renovation and homeownership of these properties; and

C. Encourage the participation of nonprofit organizations that work in these communities by allowing the nonprofit organizations to purchase these properties in order to return them to homeownership status.

Md. Code Regs. 05.06.07.02