Maryland § 4-407
Full text of Maryland Maryland Code § 4-407, with citation guidance and answers to common questions.
§ 4-407.
(a) A project qualifies as a rental housing project under this subtitle if:
(1) its purpose is to acquire, construct, or rehabilitate real property or all or part of a building or improvements that will be occupied by households of limited income as provided in this subsection; and
(2) a portion of the rental units in the project are set aside for households of lower income for the greater of:
(i) 15 years; or
(ii) the number of years required by federal law.
(b) The minimum number of rental units set aside under subsection (a)(2) of this section shall be the greater of:
(1) the number that bears the same ratio to the whole number of rental units in the project as the amount of the Program loan bears to the whole financing of the undertaking; or
(2) the number of rental units chosen by the sponsor to satisfy federal occupancy requirements, if the project receives federal low–income housing tax credits or is financed in part with government–issued, federally tax–exempt revenue bonds.
(c) Rental units restricted for occupancy to meet other federal, State, or local occupancy requirements may be counted toward the minimum number required under this section.
(d) A rental unit that continues to meet applicable federal occupancy restrictions under subsection (b)(2) of this section shall be deemed to continue to meet the applicable restrictions for purposes of this subtitle.
(e) A project qualifies as a rental housing project under this subtitle and is not subject to the income restrictions specified in this section if it will:
(1) effect an office or other commercial space conversion into market rate rental housing; and
(2) provide substantial economic development to a sustainable community as defined in § 6–301 of this article.
Frequently Asked Questions About Maryland § 4-407
What does Maryland Code § 4-407 cover?
Section 4-407 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 4-407?
A common citation format is "Maryland Code § 4-407" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 4-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.