Md. Code Regs. 05.03.06.02 - Scope
These regulations apply to mortgage loans financed through the Mortgage Yield Account of the Fund. The loans:
A. Are not subject to the Internal Revenue Code;
B. Are mortgage investments under the General Bond Certificate as described in Regulation .03B(13) of this chapter or mortgage loans that otherwise meet the requirements of the General Bond Certificate;
C. Are pledged to the bond holders under the General Bond Certificate;
D. May be ineligible for financing with proceeds of the Administration's mortgage revenue bonds or through other mortgage programs of the Department;
E. Enable borrowers to acquire, rehabilitate, and refinance owner-occupied residential housing of one to four units; and
F. May be made for acquisition of residential housing of one to four units in a project in accordance with forward commitments to developers for permanent take-out financing under the SPIF program.
Notes
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