Section 4-225 - Financing procedures - In general.
§ 4-225. Financing procedures - In general.
(a) Recipients of financial assistance.- The Administration shall administer a program of financial assistance for:
(1) community development projects;
(2) energy conservation projects;
(3) home improvement projects;
(4) public purpose projects;
(5) solar energy projects; and
(6) special housing facilities.
(b) Sources of money.- The Administration shall provide financial assistance for projects and facilities under this section with money that the Administration can get for them from any source, including:
(1) payments under federal law;
(2) bonds or notes issued by the Administration;
(3) bonds or notes issued by the State; and
(4) mortgage-backed securities and proceeds of investments in them.
(c) Mortgage required.- A loan for a home improvement project having a principal balance exceeding $5,000 shall be secured by a mortgage.
(d) Consent to modify agreements - Authority of Administration.- Subject to an agreement with noteholders or bondholders, the Administration may consent that a loan, loan commitment, or agreement to which the Administration is a party be modified as to:
(1) the interest rate;
(2) the time of payments of an installment of principal or interest;
(3) security; or
(4) any other term.
[An. Code 1957, art. 83B, § 2-204(15)(i); 2005, ch. 26, § 2.]