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County approves transfer of $3.84 million housing bond allocation; backs $150,000 playground grant application
Summary
The St. Mary's County commissioners approved transferring the county's 2014 housing bond allocation of $3,843,230 to the Maryland Department of Housing and Community Development and adopted a resolution supporting a $150,000 Community Legacy grant application to replace a daycare playground surface in Lexington Park.
The Board of County Commissioners for St. Mary's County on Aug. 26 authorized the transfer of the county's 2014 housing bond allocation of $3,843,230 to the Maryland Department of Housing and Community Development and approved a resolution supporting a separate $150,000 Community Legacy grant application for playground improvements at the Dr. J. Patrick Jarbo Family Education Center in Lexington Park.
The transfer moves the county's federal tax-exempt bond allocation into the state's Maryland Mortgage and Maryland Home Credit Programs, which the presenters said lets the state handle bond issuance and offer 30-year fixed mortgages to eligible county residents. Dennis Nicholson, executive director of the Housing Authority of St. Mary's County, told commissioners the statewide program produced a 4 percent fixed-rate mortgage as of the previous day and a separate veterans product at about 3.75 percent, both with no points.
Placing the allocation in…
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