(a) In general.- In this subtitle the following words have the meanings indicated.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-601(a).
No changes are made.
(b) Adjusted annual income.-
(1) "Adjusted annual income" means gross income from all sources with adjustments, as determined by the Department, made for unusual or temporary income items and long-term unusual expenses such as medical, rehabilitation, or special education expenses.
(2) "Adjusted annual income" includes:
(i) wages;
(ii) investment income;
(iii) Social Security payments;
(iv) retirement payments;
(v) disability payments; and
(vi) unemployment insurance payments.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-601(b).
The only changes are in style. Defined Terms.
"Department" § 1-101
(c) Fund.- "Fund" means the Homeownership Programs Fund under Subtitle 5 of this title.
Revisor's Note.
This subsection is new language added to provide a convenient reference to the Homeownership Programs Fund.
(d) Household of limited income.- "Household of limited income" means one or more individuals whose aggregate adjusted annual income does not exceed the upper income limits that the Secretary sets under § 4-807 of this subtitle.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(c).
The reference to "aggregate" adjusted annual income is added for clarity. Defined Terms.
"Adjusted annual income" § 4-801
"Secretary" § 1-101
(e) Lot consolidation.- "Lot consolidation" means the acquisition of real property adjacent to and in connection with a residence financed by the Program to include the real property as part of the residence.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(e). Defined Terms.
"Program" § 4-801
(f) Median annual family income.- "Median annual family income" means the median annual family income for the State, county, or area, whichever is greatest, as shown in the latest Census Bureau Report of the United States Department of Commerce.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(f).
The reference to an "area" is substituted for the former reference to a "region" to avoid confusion with the defined term "region". See subsection (i) of this section. The former reference to "region" in this subsection was other than as defined. Defined Terms.
"County" § 1-101
(g) Preferred interest rate.- "Preferred interest rate" means an interest rate that the Department sets under § 4-806(c) of this subtitle.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(h).
The former reference to the rate that the Department sets "periodically" is deleted in light of the reference to "§ 4-806(c) of this subtitle". Defined Terms.
"Department" § 1-101
(h) Program.- "Program" means the Maryland Home Financing Program.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-601(i).
No changes are made.
(i) Region.- "Region" means an area of the State that the Department establishes comprising one or more counties.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(j). Defined Terms.
"Department" § 1-101
(j) Short-term loan.- "Short-term loan" means a loan that, under the loan documents, is expected to be taken out by other financing within 7 years.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(k).
(a) In general.- In this subtitle the following words have the meanings indicated.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-601(a).
No changes are made.
(b) Adjusted annual income.-
(1) "Adjusted annual income" means gross income from all sources with adjustments, as determined by the Department, made for unusual or temporary income items and long-term unusual expenses such as medical, rehabilitation, or special education expenses.
(2) "Adjusted annual income" includes:
(i) wages;
(ii) investment income;
(iii) Social Security payments;
(iv) retirement payments;
(v) disability payments; and
(vi) unemployment insurance payments.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-601(b).
The only changes are in style. Defined Terms.
"Department" § 1-101
(c) Fund.- "Fund" means the Homeownership Programs Fund under Subtitle 5 of this title.
Revisor's Note.
This subsection is new language added to provide a convenient reference to the Homeownership Programs Fund.
(d) Household of limited income.- "Household of limited income" means one or more individuals whose aggregate adjusted annual income does not exceed the upper income limits that the Secretary sets under § 4-807 of this subtitle.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(c).
The reference to "aggregate" adjusted annual income is added for clarity. Defined Terms.
"Adjusted annual income" § 4-801
"Secretary" § 1-101
(e) Lot consolidation.- "Lot consolidation" means the acquisition of real property adjacent to and in connection with a residence financed by the Program to include the real property as part of the residence.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(e). Defined Terms.
"Program" § 4-801
(f) Median annual family income.- "Median annual family income" means the median annual family income for the State, county, or area, whichever is greatest, as shown in the latest Census Bureau Report of the United States Department of Commerce.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(f).
The reference to an "area" is substituted for the former reference to a "region" to avoid confusion with the defined term "region". See subsection (i) of this section. The former reference to "region" in this subsection was other than as defined. Defined Terms.
"County" § 1-101
(g) Preferred interest rate.- "Preferred interest rate" means an interest rate that the Department sets under § 4-806(c) of this subtitle.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(h).
The former reference to the rate that the Department sets "periodically" is deleted in light of the reference to "§ 4-806(c) of this subtitle". Defined Terms.
"Department" § 1-101
(h) Program.- "Program" means the Maryland Home Financing Program.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-601(i).
No changes are made.
(i) Region.- "Region" means an area of the State that the Department establishes comprising one or more counties.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(j). Defined Terms.
"Department" § 1-101
(j) Short-term loan.- "Short-term loan" means a loan that, under the loan documents, is expected to be taken out by other financing within 7 years.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(k).
(a) In general.- In this subtitle the following words have the meanings indicated.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-601(a).
No changes are made.
(b) Adjusted annual income.-
(1) "Adjusted annual income" means gross income from all sources with adjustments, as determined by the Department, made for unusual or temporary income items and long-term unusual expenses such as medical, rehabilitation, or special education expenses.
(2) "Adjusted annual income" includes:
(i) wages;
(ii) investment income;
(iii) Social Security payments;
(iv) retirement payments;
(v) disability payments; and
(vi) unemployment insurance payments.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-601(b).
The only changes are in style. Defined Terms.
"Department" § 1-101
(c) Fund.- "Fund" means the Homeownership Programs Fund under Subtitle 5 of this title.
Revisor's Note.
This subsection is new language added to provide a convenient reference to the Homeownership Programs Fund.
(d) Household of limited income.- "Household of limited income" means one or more individuals whose aggregate adjusted annual income does not exceed the upper income limits that the Secretary sets under § 4-807 of this subtitle.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(c).
The reference to "aggregate" adjusted annual income is added for clarity. Defined Terms.
"Adjusted annual income" § 4-801
"Secretary" § 1-101
(e) Lot consolidation.- "Lot consolidation" means the acquisition of real property adjacent to and in connection with a residence financed by the Program to include the real property as part of the residence.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(e). Defined Terms.
"Program" § 4-801
(f) Median annual family income.- "Median annual family income" means the median annual family income for the State, county, or area, whichever is greatest, as shown in the latest Census Bureau Report of the United States Department of Commerce.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(f).
The reference to an "area" is substituted for the former reference to a "region" to avoid confusion with the defined term "region". See subsection (i) of this section. The former reference to "region" in this subsection was other than as defined. Defined Terms.
"County" § 1-101
(g) Preferred interest rate.- "Preferred interest rate" means an interest rate that the Department sets under § 4-806(c) of this subtitle.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(h).
The former reference to the rate that the Department sets "periodically" is deleted in light of the reference to "§ 4-806(c) of this subtitle". Defined Terms.
"Department" § 1-101
(h) Program.- "Program" means the Maryland Home Financing Program.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-601(i).
No changes are made.
(i) Region.- "Region" means an area of the State that the Department establishes comprising one or more counties.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(j). Defined Terms.
"Department" § 1-101
(j) Short-term loan.- "Short-term loan" means a loan that, under the loan documents, is expected to be taken out by other financing within 7 years.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-601(k).
