<?xml version='1.0' encoding='utf-8'?>
<section number="10-296" name="Financing the Fund" law="code" slug="sec-10-296" node_id="PTIITI17PULOLAPRGECOMA_SUBTITLE_10FITA_DIV19HOINTRFU_S10-296FIFU">
  <level label="a">
    <text>Sources. The Fund shall be financed from:</text>
    <level label="1">
      <text>current expense funds;</text>
    </level>
    <level label="2">
      <text>any contributions, donations, or appropriations by the United States, the State of Maryland, any other political jurisdiction, or any private entity;</text>
    </level>
    <level label="3">
      <text>interest income;</text>
    </level>
    <level label="4">
      <text>fees or other charges levied on loan or grant recipients;</text>
    </level>
    <level label="5">
      <text>20% of the recordation tax collected or no less than $10 million; and</text>
    </level>
    <level label="6">
      <text>any other funds designated and provided by the County.</text>
    </level>
  </level>
  <level label="b">
    <text>Treatment. Monies provided by the County to the Fund under Subsection (a) of this Section shall be treated as a transfer to the Fund.</text>
  </level>
  <level label="c">
    <text>Repayments and Recapitalization of the Fund. The Director of Finance, subject to the written agreement or contract under Section 10-304(f), shall deposit in the Fund all program income collected for principal and interest on the loans and any authorized loan charges and fees on transactions authorized under this Division.</text>
  </level>
  <level label="d">
    <text>Non-lapsing. The Fund shall continue from year to year.</text>
  </level>
  <level label="e">
    <text>Recordation Tax Contribution. The County Council may decrease the 20% amount from the recordation tax collected when there is a national recession declared by the federal government.</text>
  </level>
  <level label="f">
    <text>Annual Report. The Director of the Department of Housing and Community Development ("Director"), or designee, shall prepare and provide an annual status report for presentation to the County Council by January 1 st of each year.</text>
  </level>
</section>
