These regulations apply to mortgage loans financed through the Mortgage Yield Account of the Fund. The loans:

1. A. Are not subject to the Internal Revenue Code;
2. 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;
3. C. Are pledged to the bond holders under the General Bond Certificate;
4. D. May be ineligible for financing with proceeds of the Administration's mortgage revenue bonds or through other mortgage programs of the Department;
5. E. Enable borrowers to acquire, rehabilitate, and refinance owner-occupied residential housing of one to four units; and
6. 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.

Authority: Housing and Community Development Article, Title 4, Subtitle 2, Annotated Code of Maryland;
Executive Order 01.01.1992.27C

Effective date: January 20, 1992 (19:1 Md. R. 23)

Regulation .02B amended effective July 30, 2007 (34:15 Md. R. 1349)

Regulation .04D, E amended effective July 30, 2007 (34:15 Md. R. 1349)

Regulation .06 amended effective January 2, 1994 (20:25 Md. R. 1941)

Regulation .07A amended effective July 30, 2007 (34:15 Md. R. 1349)

Regulation .08C amended effective July 30, 2007 (34:15 Md. R. 1349)

Regulation .09 amended effective July 30, 2007 (34:15 Md. R. 1349)

Regulation .10A amended effective January 2, 1994 (20:25 Md. R. 1941)