# Housing and Community Development (GHS)

## Title 3. Division of Credit Assurance

### Subtitle 2. Maryland Housing Fund

#### Section 3-201

(a) In this subtitle the following words have the meanings indicated.

(b) "Business project" has the meaning stated in Sec. 4-201 of this article.

(c) "Credit enhancement" means a guarantee, including a guarantee of an obligation backed by a pool of mortgages, or other assurance or security device issued to:

  (1) improve the credit of a qualified borrowing entity; or

  (2) upgrade the security or rating of a financial obligation, including:

    (i) a mortgage backed security;

    (ii) a certificate of participation; and

    (iii) a bond or note issued to finance a development activity described in this subtitle.

(d) "Energy conservation project" has the meaning stated in Sec. 4-201 of this article.

(e) "Financing" includes acquisition financing, permanent financing, short-term bridge financing, construction financing, and refinancing of a loan or project authorized under this subtitle.

(f) "Fund" means the Maryland Housing Fund.

(g) "Housing" includes:

  (1) a single dwelling unit;

  (2) a multiple dwelling unit;

  (3) an accessory unit residential facility;

  (4) a shared-living unit facility, accommodating at least two individuals or families, in which some or all of the living, dining, kitchen, or sanitary facilities are shared; and

  (5) an ancillary commercial or other facility that is related to, incidental to, and supportive of the housing.

(h) "Infrastructure project" has the meaning stated in Sec. 4-201 of this article.

(i) "Mortgage" includes:

  (1) a deed of trust, a security agreement, and a pledge; and

  (2) any other security arrangement securing a loan, including a mortgage, to finance:

    (i) the purchase of stock or membership in a cooperative ownership housing corporation; or

    (ii) the construction or rehabilitation of dwelling units in a cooperative ownership housing corporation.

(j) "Public purpose project" has the meaning stated in Sec. 4-201 of this article.

(k) "Solar energy project" has the meaning stated in Sec. 4-201 of this article.

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Md. Code Ann., Hous. & Cmty. Dev. (as displayed at mgaleg.maryland.gov, October 16, 2026)