Section 4-1506 - Powers and duties of Department.
§ 4-1506. Powers and duties of Department.
(a) Powers.- Notwithstanding any other provision of this subtitle or any other law, the Department may:
(1) make and participate in making Program loans to sponsors for:
(i) development costs related to the construction or rehabilitation of a project; and
(ii) the acquisition of completed projects;
(2) own or lease a project or the land for a project during the construction or rehabilitation of the project and sell, assign, or transfer a completed project without public bidding or public sale to a sponsor on terms and conditions that make economically feasible rental housing available for families of lower income or from office or other commercial space conversions;
(3) own, lease, construct, or rehabilitate a project or the land for a project and may at anytime after the completion of the project transfer the project or the land to an eligible sponsor;
(4) limit the return on equity allowed to sponsors or enter into equity participation agreements with sponsors; or
(5) establish income ranges and percentages of each income range to be served by a project, except as provided in subsection (c) of this section and within the limits established for families of lower income.
(b) Duties.- The Department shall:
(1) administer the Program;
(2) adopt policies to ensure that rental housing is made available to families of lower income with the assistance of political subdivisions, except as provided in subsection (c) of this section;
(3) attach such specific terms to any purchase, sale, or lease of a project or land for a project as may be necessary to carry out the purposes of the Program;
(4) develop procedures for monitoring the occupancy of the rental units produced under the Program by families of lower income to ensure that the rental units receiving financial assistance under the Program are occupied by families of lower income, except as provided in subsection (c) of this section; and
(5) comply with the requirements of local laws applicable to any particular project.
(c) Office or other commercial space conversion.- Subsections (a)(5) and (b)(2) and (4) do not apply to office or other commercial space conversions.
[An. Code 1957, art. 83B, § 2-504(a)(1)-(5), (b)(1)-(5), (c); 2005, ch. 26, § 2.]