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Board authorizes President to sign letter to transfer housing bond allocation to Maryland on-behalf-of program
Summary
Calvert County authorized the Board President to sign a letter transferring its FY2026 housing bond allocation to Maryland's on-behalf-of bonds program; staff said the action has no fiscal impact on the county budget.
Jennifer Morlan of the Department of Community Resources briefed the board on Maryland's private-activity bond allocation process and the county's FY2026 allocations. She reported Calvert County's allocations as: housing $4,484,639; non-housing $1,537,591; and a bonus non-housing allocation of $384,398. Morlan said participation in the state's on-behalf-of housing program allows pooled financing for housing programs or issuance of mortgage credit certificates and that to participate the county must transfer its allocation in writing by June 15, 2026.
Staff recommended authorizing the Board President to sign the required letter to the Maryland Department of Commerce. Commissioners asked no substantive questions; the board moved, seconded and approved the authorization. Staff noted there is no fiscal impact on the county budget from this transfer.
Morlan referenced statutory reporting requirements (Section 13-804A of the Financial Institutions Article of the Annotated Code of Maryland) that require counties to submit bond-issuance information to the Secretary of Commerce.
