§ 4-501

Maryland § 4-501

• Jurisdiction: Maryland
• Article ghs: Housing and Community Development
• Title: 4

Text

(a) (1) Each fund established under this subtitle is a continuing, nonlapsing special fund that is not subject to § 7-302 of the State Finance and Procurement Article.

(2) The State Treasurer shall hold and the Comptroller shall account for each fund established under this subtitle.

(b) Money in a fund established under this subtitle shall be invested in the same way as other State money.

(c) (1) In the State budget, the State may appropriate to the Rental Housing Programs Fund and the Special Loan Programs Fund all or part of the money received as repayment of principal or payment of interest on a loan made by the Maryland Housing Rehabilitation Program.

(2) The appropriation may be increased by budget amendment.

(3) The amount of repayments appropriated to make loans under the Maryland Housing Rehabilitation Program may not exceed $12,000,000 annually.

(4) The State may not appropriate repayment of principal and payment of interest to the Maryland Housing Rehabilitation Program to the extent that loans expected to be made with the money appropriated would cause the principal amount of loans outstanding to exceed $100,000,000.