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In this Article the following words have the meanings indicated:
(a) Administering agency means an agency as defined in Section 25B-2(b) that is designated by executive regulation to implement the closing cost assistance program.
(b) Closing cost means money that an eligible homebuyer pays in connection with the acquisition of real estate, including:
(1) fees or premiums for title examination, title insurance, or similar expenses;
(2) fees for preparing or filing a deed, settlement statement, or other documents;
(3) payments owed at settlement for property taxes or hazard insurance coverage;
(4) escrows for future payments of taxes, hazard insurance, and other expenses;
(5) fees for notarizing deeds and other documents;
(6) appraisal fees;
(7) fees for credit reports;
(8) transfer and recordation taxes and fees;
(9) fees or premiums for mortgage insurance;
(10) loan application fees, discount points and origination fees, prepaid interest;
(11) down payments; or
(12) any other reasonable and customary fee associated with the acquisition of real property.
(c) Eligible homebuyer means a person:
(1) who is buying and will hold title to a single family residence in the County;
(2) whose income from all adult household members does not exceed the greater of:
(A) maximum income limits established by the County Executive for the County Opportunity Housing Program; or
(B) an amount adopted by executive regulation under this Article;
(3) (A) who has not owned an interest in a personal residence or other residential real property within the preceding 3 years; or
(B) who may have owned property jointly with a spouse during the preceding 3 years, but whose personal circumstances have resulted in a need to buy a personal residence without the former spouse because of a legal separation, divorce, or death; and
(4) who resides or works in the County.
(d) Fund means the Closing Cost Assistance Fund.
(e) Loan means a loan of money made by the County under this Article.
(f) Program means the Closing Cost Assistance Program.
(g) Single family residence means a residential dwelling unit located in the County, including a townhouse, condominium or cooperative apartment unit, that has a sales price that does not exceed the maximum sale price set by executive regulation under this Article, and will be used as the primary residence of the eligible homebuyer. (1990 L.M.C., ch. 17, § 1; 1996 L.M.C., ch. 13, § 1; 1997 L.M.C., ch. 6, § 1.)