Title 4. Division of Development Finance — Subtitle 20. Energy-Efficient Homes Construction Loan Program

of 50 or lower; or

as determined by the Department in regulations.

administer the Program;

attach to a Program loan the terms needed to carry out the Program;

establish eligibility standards for Program loans;

establish interest rates that may be as low as 0% or as high as is reasonable to make the project viable; and

adopt regulations to carry out the Program, including regulations designed to increase participation of minority business enterprises in the Program.

offer preferred interest rates and terms for loans used to finance net–zero homes; and

establish different interest rates based on the projected energy efficiency of the home to be constructed.

contract for services related to the Program;

contract with private mortgage servicers to perform on behalf of the Department functions the servicers ordinarily perform, including foreclosure and employment of counsel;

charge a nonrefundable application fee and other customary loan fees;

enter into agreements with lenders or other entities to provide credit enhancement or collectively lend money for the construction of net–zero and low–energy homes;

purchase or commit to purchase from mortgage lenders notes or mortgages that meet the requirements of this subtitle, any regulations adopted under this subtitle, and appropriate Program directives;

modify the interest rate, the time or amount of payment, or any other term of a Program loan to facilitate repayment of the Program loan and to achieve the purpose of the Program; and

without approval or execution by the Board of Public Works:

property acquisition and development costs for the construction of a net–zero home or low–energy home; and

settlement and closing costs.

may be subordinate to other mortgage liens; and

may include terms, including deferred payment of principal and interest, that the Department considers necessary to make the project viable.

a completed application in a form that the Department requires;

information on projected energy usage, project design, and marketing data; and

any other information or documentation that the Department considers necessary to make a determination on the loan.

The Department may give a preference to an application for:

In providing assistance under the Program for a net–zero home, the Department shall give preference to applications that will use the services of small, minority, women–owned, and veteran–owned businesses in the State in the clean energy industry, particularly businesses that provide employment for individuals trained through workforce development programs supported by the Strategic Energy Investment Fund under § 5–1501 of the Economic Development Article and through the Clean Energy Workforce Account under § 11–708.1 of the Labor and Employment Article.

A person may not knowingly make or cause to be made a false statement or report in a document required to be submitted to the Department under an agreement relating to a Program loan.

A loan applicant may not knowingly make or cause to be made any false statement or report to influence an action of the Department on a Program loan application or a Program loan already made.

The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

money appropriated in the State budget to the Fund;

repayments or prepayments of principal and payments of interest on loans made under the Energy–Efficient Homes Construction Loan Program;

investment earnings of the Fund; and

any other money from any other source accepted for the benefit of the Fund.

pay expenses of the Program;

provide credit enhancement under the Program; and

make or purchase loans under the Program.

The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

Any investment earnings of the Fund shall be paid into the Fund.