Section 4-607 - Group home sponsor.

§ 4-607. Group home sponsor.
 

To qualify for a Program loan, a group home sponsor shall own and operate a group home and be: 

(1) a nonprofit organization; 

(2) an individual; or 

(3) a limited partnership if: 

(i) 1. each general partner qualifies as a nonprofit organization; or 

2. each general partner is a wholly owned subsidiary of a nonprofit organization; 

(ii) the limited partnership is formed to undertake a group home project that is totally or partly eligible for a federal low income housing tax credit program or any other federal program or incentive; and 

(iii) a nonprofit organization manages the project or receives the net cash flow from or the residual sale proceeds on sale of the group home. 
 

[An. Code 1957, art. 83B, § 2-701(d); 2005, ch. 26, § 2.]