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Maryland Manual, 1969-70
Volume 174, Page 715   View pdf image (33K)
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MARYLAND MANUAL 715
2. Purpose
It is found and declared that there continues to exist in
the State a seriously inadequate supply of safe and sanitary
dwelling accommodations for persons and families of low
and moderate income. This condition is contrary to the
public interest and threatens the health, safety, welfare,
comfort and security of the people of the State. The ordi-
nary operations of private enterprise cannot provide an
adequate supply of safe and sanitary dwelling accommoda-
tions at rentals or purchase prices which persons and fam-
ilies of low and moderate income can afford.
It is further declared that a need exists to assist and
encourage private enterprise, local non-profit development
corporations, municipalities, counties and/or local agencies
in their efforts to construct low and moderate income hous-
ing in their communities.
It is further declared that private enterprise has encoun-
tered difficulty in providing new residential and community
facilities because of problems in assembling land suitable
for building sites, the difficulty of attracting private capital
at reasonable cost to finance development, and the difficulty
of private enterprise alone to plan, finance, and coordinate
industrial and commercial development with residential
developments for persons and families of low and moderate
income and with adequate public services to serve the
development.
Therefore, the Maryland Housing and Community Devel-
opment Authority is created to encourage, undertake and
facilitate the development of low and moderate income
housing in the State by reducing the cost of development
through grants and loans and the stimulation of a larger
flow of private investment funds from banks, building and
loan associations, credit unions, savings and loan associa-
tions, insurance companies, and other financial institutions
to meet the need of low and moderate income housing con-
structions and to make land available for such construction.
3. Definitions
(1) "Authority" means the Maryland Housing and Com-
munity Development Authority created by Section 4 of this
Act.
(2) "Limited Dividend Corporation" means a corpora-
tion which qualifies as a limited dividend corporation under
the Federal housing laws in effect from time to time.

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Maryland Manual, 1969-70
Volume 174, Page 715   View pdf image (33K)
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