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.
Authority: Housing and Community Development Article,§§3-205, 4-805, and 4-909, Annotated Code of Maryland; Executive Order 01.01.1992.27C
Effective date: October 30, 2000 (27:21 Md. R. 1974)