Maryland § 4-512 - IN EFFECT

§ 4-512. IN EFFECT

    IN EFFECT

    // EFFECTIVE UNTIL JUNE 30, 2029 PER CHAPTER 212 OF 2024 //

    (a)    In this section, “Fund” means the Housing Innovation Fund.

    (b)    There is a Housing Innovation Fund.

    (c)    The purpose of the Fund is to provide loans for local housing authorities and county governments to develop mixed–income, cross–subsidized housing.

    (d)    The Department shall administer the Fund.

    (e)    (1)    The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

        (2)    The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

    (f)    The Fund consists of:

        (1)    money appropriated in the State budget to the Fund; and

        (2)    any other money from any other source accepted for the benefit of the Fund.

    (g)    (1)    Subject to paragraph (2) of this subsection and subsection (j) of this section, the Fund may be used only to provide low– or no–interest loans to local housing authorities or to county governments partnering with housing developers through the Housing Innovation Pilot Program in accordance with Subtitle 30 of this title.

        (2)    The Fund may be used for projects where a county, in conjunction with a local housing authority or a housing developer, acquires existing private sector housing.

    (h)    (1)    The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

        (2)    Any interest earnings of the Fund shall be credited to the General Fund of the State.

    (i)    Expenditures from the Fund may be made only in accordance with the State budget.

    (j)    (1)    (i)    For fiscal year 2025, an allocation to the Fund shall be committed to projects before July 1, 2026, subject to applicants being afforded a reasonable period of time to complete the application.

            (ii)    For fiscal year 2026 and each fiscal year thereafter, an allocation to the Fund in a fiscal year shall be committed to projects before the end of that fiscal year, subject to applicants being afforded a reasonable period of time to complete the application.

        (2)    If an allocation of funds to the Fund under paragraph (1) of this subsection has not been committed to projects before the end of the fiscal year when they were allocated, the funds shall be eligible for use in support of projects that apply to the Rental Housing Program established under Subtitle 4 of this title.