Section 4-1501 - Definitions.
§ 4-1501. Definitions.
(a) In general.- In this subtitle the following words have the meanings indicated.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-501(a).
No changes are made.
(b) Development costs.-
(1) "Development costs" means costs incurred to construct or rehabilitate a project.
(2) "Development costs" includes the costs of:
(i) necessary studies, surveys, plans, or specifications;
(ii) architectural, engineering, or other specialized services;
(iii) the acquisition of land or improvements;
(iv) site preparation or development;
(v) construction, reconstruction, rehabilitation, ancillary demolition, lot consolidation, or improvement;
(vi) acquisition of necessary machinery, equipment, or furnishings;
(vii) the initial occupancy expenses of the project;
(viii) indemnity bonds, surety bonds, or insurance premiums; and
(ix) other fees or relocation expenses.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-501(b).
In items (2)(i), (iv), (v), (vi), (viii), and (ix) of this subsection, references to "or" are substituted for former references to "and" because there seemed no intent to require that all elements listed in an item be included in each development cost.
Defined Terms.
"Project" § 4-1501
(c) Family of lower income.- "Family of lower income" means a family or individual whose income:
(1) does not exceed the upper income limits that the Secretary establishes under § 4-1505 of this subtitle; and
(2) is lower than the income limits established for families of limited income as provided in § 4-212 of this title.
Revisor's Note.
This subsection is new language derived without substantive change from the introductory language of former Art. 83B, § 2-501(c)(2) and, as it referred to the definition of "families of lower income", (1).
As for the balance of former Art. 83B, § 2-501(c), see § 4-1505 of this subtitle.
Defined Terms.
"Project" § 4-1501
"Secretary" § 1-101
(d) Fund.- "Fund" means the Rental Housing Programs Fund under Subtitle 5 of this title.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-501(d).
The only changes are in style.
(e) Office or other commercial space conversion.- "Office or other commercial space conversion" means the conversion to rental housing of a building that:
(1) is in a designated neighborhood established under § 6-304 of this article;
(2) was built more than 30 years before an application is submitted to the Department to finance the conversion;
(3) consists of at least two floors at or above ground level; and
(4) was last used as office or other commercial space.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-501(h) and (i).
Defined Terms.
"Department" § 1-101
(f) Operating costs.-
(1) "Operating costs" means a cost that a sponsor of a completed project incurs that is necessary to maintain or operate a project.
(2) "Operating costs" includes payments of principal and interest on a loan to cover development costs.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-501(j).
The only changes are in style.
Defined Terms.
"Development costs" § 4-1501
"Project" § 4-1501
"Sponsor" § 4-1501
(g) Program.- "Program" means the Rental Housing Production Program.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-501(n).
No changes are made.
(h) Program loan.- "Program loan" means a loan that the Department makes under this subtitle.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-501(f).
The term "[p]rogram loan" is substituted for the former term "[l]oan" for clarity.
(i) Project.- "Project" means a rental housing production project that meets the qualifications under § 4-1504 of this subtitle.
Revisor's Note.
This subsection is new language added to provide a convenient reference to a rental housing production project.
(j) Sponsor.- "Sponsor" means the Department, a political subdivision, or a person that applies for a Program loan.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-501(p).
The former phrase "established under this subtitle" is deleted as implicit in the reference to the defined term "Program".
The former references to "partnership, joint venture, corporation, nonprofit organization, or other legal entity" are deleted as included in the defined term "person".
Defined Terms.
"Department" § 1-101
"Person" § 1-101
"Political subdivision" § 1-101
"Program loan" § 4-1501
[An. Code 1957, art. 83B, § 2-501(a), (b), (c)(1), (2), (d), (f), (h)(1)-(3), (i), (j), (n), (p); 2005, ch. 26, § 2.]