Current with changes from the 2024 Legislative Session
Section 3-201 - Definitions(a) In this subtitle the following words have the meanings indicated.(b) "Business project" has the meaning stated in § 4-201 of this article.(c) "Credit enhancement" means a guarantee, including a guarantee of an obligation backed by a pool of mortgages, or other assurance or security device issued to: (1) improve the credit of a qualified borrowing entity; or(2) upgrade the security or rating of a financial obligation, including: (i) a mortgage backed security;(ii) a certificate of participation; and(iii) a bond or note issued to finance a development activity described in this subtitle.(d) "Energy conservation project" has the meaning stated in § 4-201 of this article.(e) "Financing" includes acquisition financing, permanent financing, short-term bridge financing, construction financing, and refinancing of a loan or project authorized under this subtitle.(f) "Fund" means the Maryland Housing Fund.(g) "Housing" includes: (1) a single dwelling unit;(2) a multiple dwelling unit;(3) an accessory unit residential facility;(4) a shared-living unit facility, accommodating at least two individuals or families, in which some or all of the living, dining, kitchen, or sanitary facilities are shared; and(5) an ancillary commercial or other facility that is related to, incidental to, and supportive of the housing.(h) "Infrastructure project" has the meaning stated in § 4-201 of this article.(i) "Mortgage" includes:(1) a deed of trust, a security agreement, and a pledge; and(2) any other security arrangement securing a loan, including a mortgage, to finance:(i) the purchase of stock or membership in a cooperative ownership housing corporation; or(ii) the construction or rehabilitation of dwelling units in a cooperative ownership housing corporation.(j) "Public purpose project" has the meaning stated in § 4-201 of this article.(k) "Solar energy project" has the meaning stated in § 4-201 of this article.Amended by 2016 Md. Laws, Ch. 482,Sec. 2, eff. 7/1/2016.