Commissioners authorize participation in Maryland Mortgage Program; presenter cites program eligibility and loan history
Loading...
Summary
The board approved sending a letter to participate in the Maryland Mortgage Program and to issue housing bonds on behalf of the county; the presenter cited generous income limits and a $665,173 maximum acquisition cost but a transcript error makes the requested transfer amount unclear.
The Allegany County commissioners approved a resolution to participate in the Maryland Mortgage Program (MMP) and to authorize the president to sign a transfer letter that would allow issuance of tax-exempt housing bonds in support of below-rate mortgages.
David Nedved presented the program and highlighted eligibility details: current income limits cited were $158,040 for one- or two-person households and $184,380 for households of three or more, and he said the maximum acquisition cost is $665,173 for existing or newly constructed homes. Nedved said the program is not limited to first-time buyers and that loan volume has increased in recent years (citing 43 loans in 2025).
During his remarks Nedved asked the board to authorize a transfer to the Community Development Administration for participation in the program; the numeric transfer amount as read in the transcript appears to be garbled and is not clearly specified. That figure in the transcript does not match other numeric details Nedved provided and appears to be a transcription or audio error; the record of the staff report should be consulted for the exact transfer amount.
A commissioner moved to approve Item A, the motion was seconded, and the board voted 'Aye.' The authorization directs staff to proceed with the paperwork to utilize the Maryland Mortgage Program on behalf of Allegany County.
