{"data":{"id":"us-md/md.-code-housing-and-community-development-4-203","jurisdiction":"us-md","citation":"Md. Code, Housing and Community Development § 4–203","heading":"","body":"(a) To attract and retain teachers in the State by increasing homeownership opportunities, the General Assembly finds that there is a need to authorize the Department to develop a program to dedicate up to $25,000,000 over 5 years to provide mortgage loans to teachers at interest rates below the prevailing interest rate for similar programs.\n(b) (1) A mortgage loan under this section shall be available to a teacher who is a first–time home buyer.\n(2) The loan shall be conditioned on an agreement by the teacher to teach in the State for at least 3 years if work is available for the teacher.\n(3) The loan shall be used to purchase property in a priority funding area as defined in §§ 5–7B–02 and 5–7B–03 of the State Finance and Procurement Article.\n(c) The Administration shall develop the program in consultation with:\n(1) the State Department of Education, to ensure that the program is consistent with the State’s strategy to attract and retain teachers; and\n(2) local boards of education, to ensure that the program is properly marketed.","path":["Article - Housing and Community Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=ghs\u0026section=4-203","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:07Z","sha256":"80669d8824a010bd0c7d5c3754f6476d0dfae75c150a8cc2dd1191fba5a9abea","source_id":"us-md","stale":false,"prev":"us-md/md.-code-housing-and-community-development-4-202","next":"us-md/md.-code-housing-and-community-development-4-204"},"notice":"GroundRules: Original legal text. Not legal advice."}