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(a) The county council is hereby empowered and authorized by resolution to establish and thereafter to maintain a special fund to be known as the "rehabilitation loan fund" for the purpose of making loans to:
(1) Homeowners of low income to finance rehabilitation required to make their homes or mobile homes conform to applicable County Code requirements, provided such loans are not available on reasonable terms and conditions from other sources; and
(2) Any organization, if the loan is recommended by the Montgomery County Historic Preservation Commission, to rehabilitate or refurbish any historic structure and property that is:
(i) Located in this county; and
(ii) Owned or operated by the organization.
(b) The county executive shall prescribe from time to time such regulations, adopted under method (2) of section 2A-15 of this Code, deemed appropriate for the making of such loans and the administration of the fund, including the right to contract with private organizations for the administration of such fund. (1969 L.M.C., ch. 1, § 1; 1974 L.M.C., ch. 54, § 1; 1979 L.M.C., ch. 9, § 1; 1984 L.M.C., ch. 24, § 54; 1985 L.M.C., ch. 2, § 1.)
(a) Subject to appropriation, the Director of the Department of Housing and Community Affairs (in this Section, the Department) may create and administer a Demolition Loan Program. The purpose of the Program is to assist owners of commercial buildings which are:
(1) located in an urban renewal area, enterprise zone, commercial revitalization area, or other commercial area that the Director finds is blighted or threatened with blight;
(2) vacant or severely underutilized; and
(3) uneconomical to rehabilitate to meet current market demands or to maintain properly.
(b) Under lending guidelines and procedures and repayment terms approved by the Director of Finance, the Department may loan from the Economic Development Fund created under Section 20-73 to an owner of a commercial building which meets the standards of subsection (a) all or part of the cost of demolishing the building and clearing the land on which it is located. The repayment terms for any loan made under this program may allow partial or full forgiveness of the loan when the Director finds that forgiveness would best accomplish the purposes of this program.
(c) Any loan greater than an amount set by Regulation must be approved by a lending committee composed of the Director of Finance, Economic Development, and Housing and Community Affairs. Any loan greater than an amount set by Regulation must not be approved until the County Council has received notice of the loan and a reasonable opportunity to comment.
(d) The County Executive must adopt Regulations under method (2) to administer this program. (1998 L.M.C., ch. 26, § 1.)
The following terms, wherever used or referred to in this article, shall have the following meanings, unless a different meaning is clearly indicated by the context:
(a) Home: Both "one-family dwelling" and "mobile home," as those terms are defined in section 59-1.
(b) Homeowner: A person who owns and lives in his or her own home.
(c) Replacement: Removal of any existing substandard home and substitution therefor, by construction or purchase and placement on the property, of a home that will comply with all applicable state and county statutes, codes and ordinances. (1979 L.M.C., ch. 10, § 1.)
The county council is hereby empowered and authorized by resolution to establish and thereafter to maintain a special fund to be known as the "homeowners’ replacement loan fund" for the purpose of making direct loans to homeowners of low income, whose present homes cannot be rehabilitated to conform with applicable county code requirements, to finance new homes, including prefabricated and mobile homes and to finance the purchase of land upon which a home is situated; provided, that such loans are not available on reasonable terms and conditions from other sources. The county executive shall adopt under method (2) of section 2A-15 of this Code, from time to time such regulations as he or she shall deem appropriate for the making of such loans and the administration of the fund, including the right to contract with private organizations for the administration of such fund; provided, that the loans available under this fund shall be limited to those individuals whose income and net worth preclude home financing through normal banking or other financial channels. In determining the availability to the property owner of adequate commercial financing, the following shall be taken into consideration:
(a) The present condition and value of the property.
(b) Real estate owned by the borrower that would be a source of funds either by sale or a commercial loan.
(c) Total net income of the borrower and members of his or her family. No loan shall be made to any owner-occupied home where the resources of (a) and (b) above are adequate for obtaining financing of the home from other sources. (1979 L.M.C., ch. 10, § 1; 1984 L.M.C., ch. 24, § 54.)
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