5528

COUNTY LOCAL LAWS

assisted urban renewal areas.

How, therefore. Be It Resolved by the County
Council, Montgomery County, Maryland, that —

Paragraphs 1b and 2a—c of Resolution No. 6—2116 are
hereby repealed and reenacted as amended and a new
paragraph 2e is hereby added to follow immediately after
paragraph 2d to read as follows:

b. Properties shall be situated in localities
where they will not be in conflict with the following
types of governmental projects.

(1)        Federally—assisted urban renewal and
concentrated code enforcement projects.

(2)    Projects for the construction or development
of public schools, parks, streets, highways, utilities or
other public works.

(3)     This requirement is not to preclude loans on
properties located within urban renewal and code
enforcement projects which are not Federally assisted OR
WITHIN FEDERALLY-ASSISTED URBAN RENEWAL PROJECTS WHEN A
SIMILAR FEDERAL PROGRAM FOR REHABILITATION LOANS IS NOT
AVAILABLE.

2a. Loans to property owners outside a Federally-
assisted urban renewal project shall be made only to
those whose family income meets the eligibility limits
for continued occupancy of low—rent public housing, as
these limits are established from time to time by the
Housing Authority of Montgomery County. NO SUCH INCOME
LIMIT SHALL APPLY FOR LOANS MADE TO PROPERTY OWNERS IN
FEDERALLY-ASSISTED URBAN RENEWAL PROJECTS UNDER THE
PROVISIONS OF SECTION 1(B) (3), EXCEPT THAT THE INCOME OF
SUCH PROPERTY OWNERS MUST PRECLUDE HOME IMPROVEMENT
FINANCING THROUGH NORMAL BARKING OR OTHER FINANCIAL
CHANNELS.

2b. Loans MADE TO PROPERTY OWNERS OUTSIDE FEDERALLY
ASSISTED URBAN RENEWAL PROJECT shall carry an interest
rate of FROM ONE TO three percent per annum. Repayment
provisions shall be based upon the financial
circumstances of the individual property owner.
[However, in no case shall] FROM THE EFFECTIVE DATE OF
THIS SECTION IN DETERMINING THE INITIAL RATE OF INTEREST
the property owner SHALL NOT be expected to allocate,
BASED ON A LOAN TERM OF THIRTY YEARS, more than
twenty—five percent of his family gross income to the
monthly costs of shelter (principal, interest, taxes,
insurance, maintenance, and utilities).