(a) In the fiscal year in which a qualified project is completed, an individual or business entity may apply to the Department for financial assistance to cover the appraisal gap for the project in accordance with this section.
(b) The amount of the financial assistance provided under subsection (a) of this section shall not exceed 35% of the lesser of:
(1) the total cost of eligible construction expenses; or
(2) 80% of the national median sale price for new homes on the date of sale, as determined by the most recent census data available.
(c) Financial assistance provided under this section may be allocated among the partners, members, or shareholders of a business entity in any manner agreed to by those persons in writing.
(d) Financial assistance provided under this section may be used in conjunction with other State, federal, or local funding sources.
Structure Maryland Statutes