Old | New | Differences | |
---|---|---|---|
1 | - | WES MOORE, Governor Ch. 156 | |
2 | 1 | ||
3 | - | – 1 – | |
4 | - | Chapter 156 | |
5 | - | (Senate Bill 704) | |
6 | 2 | ||
7 | - | AN ACT concerning | |
3 | + | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. | |
4 | + | [Brackets] indicate matter deleted from existing law. | |
5 | + | Underlining indicates amendments to bill. | |
6 | + | Strike out indicates matter stricken from the bill by amendment or deleted from the law by | |
7 | + | amendment. | |
8 | + | *sb0704* | |
8 | 9 | ||
9 | - | Appraisal Gap From Historic Redlining Financial Assistance Program – | |
10 | - | Alterations | |
10 | + | SENATE BILL 704 | |
11 | + | C9 4lr2595 | |
12 | + | CF HB 873 | |
13 | + | By: Senator Hayes | |
14 | + | Introduced and read first time: January 30, 2024 | |
15 | + | Assigned to: Education, Energy, and the Environment | |
16 | + | Committee Report: Favorable | |
17 | + | Senate action: Adopted | |
18 | + | Read second time: February 26, 2024 | |
11 | 19 | ||
12 | - | FOR the purpose of expanding eligibility for financial assistance under the Appraisal Gap | |
13 | - | From Historic Redlining Financial Assistance Program to include individuals who | |
14 | - | purchase certain qualified property as an owner–occupant; and generally relating to | |
15 | - | the Appraisal Gap From Historic Redlining Financial Assistance Program. | |
20 | + | CHAPTER ______ | |
16 | 21 | ||
17 | - | BY repealing and reenacting, without amendments, | |
18 | - | Article – Housing and Community Development | |
19 | - | Section 4–2801(a), (e), (g), and (h) | |
20 | - | Annotated Code of Maryland | |
21 | - | (2019 Replacement Volume and 2023 Supplement) | |
22 | + | AN ACT concerning 1 | |
22 | 23 | ||
23 | - | BY repealing and reenacting, with amendments, | |
24 | - | Article – Housing and Community Development | |
25 | - | Section 4–2802 and 4–2804 | |
26 | - | Annotated Code of Maryland | |
27 | - | (2019 Replacement Volume and 2023 Supplement) | |
24 | + | Appraisal Gap From Historic Redlining Financial Assistance Program – 2 | |
25 | + | Alterations 3 | |
28 | 26 | ||
29 | - | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND , | |
30 | - | That the Laws of Maryland read as follows: | |
27 | + | FOR the purpose of expanding eligibility for financial assistance under the Appraisal Gap 4 | |
28 | + | From Historic Redlining Financial Assistance Program to include individuals who 5 | |
29 | + | purchase certain qualified property as an owner–occupant; and generally relating to 6 | |
30 | + | the Appraisal Gap From Historic Redlining Financial Assistance Program. 7 | |
31 | 31 | ||
32 | - | Article – Housing and Community Development | |
32 | + | BY repealing and reenacting, without amendments, 8 | |
33 | + | Article – Housing and Community Development 9 | |
34 | + | Section 4–2801(a), (e), (g), and (h) 10 | |
35 | + | Annotated Code of Maryland 11 | |
36 | + | (2019 Replacement Volume and 2023 Supplement) 12 | |
33 | 37 | ||
34 | - | 4–2801. | |
38 | + | BY repealing and reenacting, with amendments, 13 | |
39 | + | Article – Housing and Community Development 14 | |
40 | + | Section 4–2802 and 4–2804 15 | |
41 | + | Annotated Code of Maryland 16 | |
42 | + | (2019 Replacement Volume and 2023 Supplement) 17 | |
35 | 43 | ||
36 | - | (a) In this subtitle the following words have the meanings indicated. | |
44 | + | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 18 | |
45 | + | That the Laws of Maryland read as follows: 19 | |
37 | 46 | ||
38 | - | (e) “Financial assistance” includes: | |
47 | + | Article – Housing and Community Development 20 | |
48 | + | 2 SENATE BILL 704 | |
39 | 49 | ||
40 | - | (1) a grant; | |
41 | 50 | ||
42 | - | ||
51 | + | 4–2801. 1 | |
43 | 52 | ||
44 | - | (3) a reduction in the principal obligation of or rate of interest payable on | |
45 | - | a loan or portion of a loan; | |
53 | + | (a) In this subtitle the following words have the meanings indicated. 2 | |
46 | 54 | ||
47 | - | (4) a prepayment of interest on a subordinate or superior loan or portion of | |
48 | - | a loan; | |
49 | - | Ch. 156 2024 LAWS OF MARYLAND | |
55 | + | (e) “Financial assistance” includes: 3 | |
50 | 56 | ||
51 | - | – 2 – | |
52 | - | (5) an assurance; | |
57 | + | (1) a grant; 4 | |
53 | 58 | ||
54 | - | ( | |
59 | + | (2) a loan; 5 | |
55 | 60 | ||
56 | - | (7) any other form of credit enhancement. | |
61 | + | (3) a reduction in the principal obligation of or rate of interest payable on 6 | |
62 | + | a loan or portion of a loan; 7 | |
57 | 63 | ||
58 | - | ( | |
59 | - | ||
64 | + | (4) a prepayment of interest on a subordinate or superior loan or portion of 8 | |
65 | + | a loan; 9 | |
60 | 66 | ||
61 | - | ( | |
67 | + | (5) an assurance; 10 | |
62 | 68 | ||
63 | - | (1) newly constructed or a formerly vacant structure that has been | |
64 | - | substantially rehabilitated; | |
69 | + | (6) a guarantee; and 11 | |
65 | 70 | ||
66 | - | ( | |
71 | + | (7) any other form of credit enhancement. 12 | |
67 | 72 | ||
68 | - | ( | |
69 | - | ||
73 | + | (g) “Qualified project” means the construction or substantial rehabilitation of a 13 | |
74 | + | qualified property if the eligible construction expenses do not exceed $500,000. 14 | |
70 | 75 | ||
71 | - | ( | |
76 | + | (h) “Qualified property” means residential real property that is: 15 | |
72 | 77 | ||
73 | - | ( | |
74 | - | ||
78 | + | (1) newly constructed or a formerly vacant structure that has been 16 | |
79 | + | substantially rehabilitated; 17 | |
75 | 80 | ||
76 | - | ||
81 | + | (2) located in: 18 | |
77 | 82 | ||
78 | - | ( | |
79 | - | ||
83 | + | (i) a low–income census tract as defined by the U.S. Department of 19 | |
84 | + | Housing and Urban Development; and 20 | |
80 | 85 | ||
81 | - | (b) The purpose of the Program is to [make] HELP CLOSE APPRAISAL GAPS | |
82 | - | THAT OCCUR IN HISTOR ICALLY REDLINED NEIG HBORHOODS BY MAKING financial | |
83 | - | assistance available to: | |
86 | + | (ii) an area designated as a sustainable community; and 21 | |
84 | 87 | ||
85 | - | (1) affordable housing developers working in low–income census tracts and | |
86 | - | sustainable communities [in order to help close appraisal gaps that occur in historically | |
87 | - | redlined neighborhoods]; AND | |
88 | + | (3) constructed or rehabilitated with the purpose of being sold to an 22 | |
89 | + | owner–occupant at an affordable sales price. 23 | |
88 | 90 | ||
89 | - | ||
91 | + | 4–2802. 24 | |
90 | 92 | ||
91 | - | (I) AFTER A QUALIFIED PROJECT IS COMPLETED ; | |
93 | + | (a) There is an Appraisal Gap From Historic Redlining Financial Assistance 25 | |
94 | + | Program in the Department. 26 | |
92 | 95 | ||
93 | - | ( | |
94 | - | ||
96 | + | (b) The purpose of the Program is to [make] HELP CLOSE APPRAISAL GAPS 27 | |
97 | + | THAT OCCUR IN HISTOR ICALLY REDLINED NEIG HBORHOODS BY MAKING financial 28 SENATE BILL 704 3 | |
95 | 98 | ||
96 | - | (III) AS AN OWNER–OCCUPANT. WES MOORE, Governor Ch. 156 | |
97 | 99 | ||
98 | - | ||
100 | + | assistance available to: 1 | |
99 | 101 | ||
100 | - | 4–2804. | |
102 | + | (1) affordable housing developers working in low–income census tracts and 2 | |
103 | + | sustainable communities [in order to help close appraisal gaps that occur in historically 3 | |
104 | + | redlined neighborhoods]; AND 4 | |
101 | 105 | ||
102 | - | (a) Subject to § 4–2805 of this subtitle and the regulations of the [department] | |
103 | - | DEPARTMENT , the Department shall accept an application for financial assistance from: | |
106 | + | (2) INDIVIDUALS WHO PURC HASE A QUALIFIED PRO PERTY: 5 | |
104 | 107 | ||
105 | - | (1) an individual or business entity that proposes to develop a qualified | |
106 | - | project; AND | |
108 | + | (I) AFTER A QUALIFIED PR OJECT IS COMPLETED ; 6 | |
107 | 109 | ||
108 | - | ( | |
109 | - | ||
110 | + | (II) AT AN AFFORDABLE SAL ES PRICE AS DETERMI NED BY 7 | |
111 | + | REGULATIONS ADOPTED BY THE DEPARTMENT ; AND 8 | |
110 | 112 | ||
111 | - | (b) The application shall be in the form and shall contain any information that | |
112 | - | the Department requires by regulation. | |
113 | + | (III) AS AN OWNER–OCCUPANT. 9 | |
113 | 114 | ||
114 | - | (c) The Department shall approve all applications that qualify for financial | |
115 | - | assistance under this subtitle in a timely manner. | |
115 | + | 4–2804. 10 | |
116 | 116 | ||
117 | - | | |
118 | - | ||
117 | + | (a) Subject to § 4–2805 of this subtitle and the regulations of the [department] 11 | |
118 | + | DEPARTMENT , the Department shall accept an application for financial assistance from: 12 | |
119 | 119 | ||
120 | - | Approved by the Governor, April 25, 2024. | |
120 | + | (1) an individual or business entity that proposes to develop a qualified 13 | |
121 | + | project; AND 14 | |
122 | + | ||
123 | + | (2) AN INDIVIDUAL THAT P ROPOSES TO PURCHASE A QUALIFIED 15 | |
124 | + | PROPERTY. 16 | |
125 | + | ||
126 | + | (b) The application shall be in the form and shall contain any information that 17 | |
127 | + | the Department requires by regulation. 18 | |
128 | + | ||
129 | + | (c) The Department shall approve all applications that qualify for financial 19 | |
130 | + | assistance under this subtitle in a timely manner. 20 | |
131 | + | ||
132 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 21 | |
133 | + | 1, 2024. 22 | |
134 | + | ||
135 | + | ||
136 | + | ||
137 | + | Approved: | |
138 | + | ________________________________________________________________________________ | |
139 | + | Governor. | |
140 | + | ________________________________________________________________________________ | |
141 | + | President of the Senate. | |
142 | + | ________________________________________________________________________________ | |
143 | + | Speaker of the House of Delegates. |