Chapter 07. Housing Finance Review Committee

In this chapter, the following terms have the meanings indicated.

Terms Defined.

The Housing Finance Review Committee reviews and makes recommendations for, but does not approve, certain loans by the Department's Division of Development Finance as well as mortgage insurance provided by the Maryland Housing Fund, an agency in the Division of Credit Assurance.

In addition, the Committee reviews and recommends actions to the Secretary on all project financing and investment policies of the Community Development Administration, an agency in the Division of Development Finance.

The Bond Advisory Board established under COMAR 05.01.08 reviews and makes recommendations to the Department regarding the issuance of securities, as well as the policies and procedures used by the Department in the issuance of securities.

The Secretary, or a designee of the Secretary, shall approve each loan commitment, insurance policy, or bond financing of the Department, the Division of Credit Assurance, the Division of Development Finance, the Maryland Housing Fund, and the Community Development Administration.

Upon recommendation of the Secretary, the Governor appoints seven individuals to serve as the Committee, consisting of:

The public members serve for a term of 4 years with the first terms beginning on July 1, 1983, and subsequent terms in each 4-year succeeding period. A member appointed to fill a vacancy in an unexpired term or to succeed a member who is holding over serves for the remainder of the term only.

The members serve without compensation, but the public members are entitled to reimbursement for expenses under the standard State travel regulations.

The Deputy Secretary shall serve as the Chairman of the Committee. The Chairman is responsible for preparing and distributing the agenda for the Committee meetings.

Committee meetings generally are held monthly at the time and place set by the Chairman. Meetings may be held by conference telephone call or in person at the election of the Chairman.

The Deputy Secretary may elect to hold a premeeting to determine the agenda for the meetings and discuss with staff the recommendations expected to be made to the Committee.

The minutes of the meetings of the Committee shall be maintained by the Office of the Secretary.

Four members of the Committee constitute a quorum. A vote by the majority of a quorum of the Committee members present, in person, or by telephone, shall constitute an official recommendation of the Committee.

Instead of a meeting, action of the Board may be set forth in a written determination signed by each member of the Board.

All loans in excess of $250,000 proposed to be made by the:

The investment policies of the:

The project financing policies of the:

Except as set forth in §B of this regulation, the Secretary, or a designee of the Secretary, shall approve all loans and debt financing after receipt of the recommendation of the Committee.

The Secretary may approve a specific loan request without receiving the recommendation of the Committee if the Secretary determines, in the sole discretion of the Secretary, that the request requires urgent action. A written determination of urgent action by the Secretary is final and cannot be appealed.