- A. The Fund may not permit more than 10 percent of its multi-family reserve to be committed for insurance of bridge loans under this regulation.
B. Subject to §C of this regulation, the Fund may insure bridge loans from the multi-family reserve or any other monies of the Fund as may be restricted for that purpose. However, the Fund may not:
- (1) Issue insurance under this section payable from the multi-family reserve in an aggregate principal amount greater than 8 times the amount of the multi-family reserve available for insurance of bridge loans; and
- (2) Insure from any source more than an aggregate of $30 million of bridge loans that are not secured by a mortgage.
- C. The Fund shall insure a bridge loan during construction and initial rent-up from restricted funds in the operating fund and may, at its election, insure the bridge loan from the multifamily reserve upon completion of construction and initial rent-up.
Authority: Housing and Community Development Article, §§3-203 and 3-206, Annotated Code of Maryland
Effective date: April 30, 1990 (17:8 Md. R. 976)
Regulation .03A amended effective February 1, 1993 (20:2 Md. R. 111)
Chapter revised effective October 20, 2008 (35:21 Md. R. 1823)