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Allegany County authorizes $3.1 million transfer to Maryland Mortgage Program to back tax-exempt bonds
Summary
The Board authorized transfer of $3,101,189 to the Maryland Mortgage Program to support issuance of tax-exempt housing bonds for county residents and named Truist Financial as the participating local lender.
The Board of County Commissioners authorized a transfer of $3,101,189 to the Maryland Mortgage Program (MMP) to support issuance of tax-exempt housing bonds on behalf of Allegany County.
David Nedved of the county’s Community Development office described the program as providing below-rate mortgages for county residents; participants need not be first-time buyers. Nedved told the board current MMP income limits are $149,400 for one- or two-person households and $174,300 for households of three or more. He said the maximum acquisition cost for eligible homes is $624,481 and noted the FHA nationwide mortgage floor for 2025 is $524,000.
Nedved identified Truist Financial Corporation as the local participating lender and named Tony Davis Spivey as the local contact. He asked commissioners to authorize the transfer to the Community Development Administration’s Maryland Mortgage Program and to authorize the president to sign the letter of transfer.
A commissioner noted the size of the transfer and expressed hope residents will take advantage of the program. Nedved said the county typically deploys roughly 90% of the funds each year and offered to provide interested residents with an information kit and current rates.
Commissioners approved the transfer by voice vote. No roll-call breakdown was provided publicly during the meeting.
