144/Maryland Manual

gage Insurance Fund. As of August 1980, the
balance in the Fund was $19,500,000. midfa's
insurance is limited to $5,000,000 per project.

Insured loans are generally secured by a first
lien mortgage on the project being financed. In
cases where MIDFA does not insure the loan,
however, the first lien requirement is eliminated.
The legal maximum term of an insured loan on
real estate is twenty-five years, while fifteen years
(or useful life, if less) is the maximum on equip-
ment. There are no term requirements for loans
not insured by MIDFA. MIDFA charges an in-
surance premium of 0.5 percent of the insured
balance on insurance loans. This premium is
waived in any political subdivision where unem-
ployment is high.

Generally, the local governmental body must
borrow the necessary funds to acquire a particu-
lar project. The project may be owned by or
leased to a company. Loan or lease payments are
made to the local governmental body to coincide
in amount and term with the loan payments re-
quired by the lender. In the case of a lease ar-
rangement the property is conveyed to the com-
pany for a nominal sum when the loan is paid in
full.

By June 30, 1980, MIDFA had approved 180
loans totalling $187,226,000 (Code Financial In-
stitutions Article, title 13, subtitle 1).

OFFICE OF SEAFOOD MARKETING

Gordon P. Hallock, Program Director

1748 Forest Drive
Annapolis 21401 Telephone: 269-3461

The Office of Seafood Marketing (OSM) pro-
motes increased consumption and distribution of
Maryland seafood. In conjunction with this ob-
jective it seeks more efficient methods and tech-
niques that will reduce cost and improve the
quality and marketability of the product.

OFFICE OF TOURIST DEVELOPMENT

Wayne Kennedy, Acting Director

1748 Forest Drive
Annapolis 21401 Telephone: 269-3517

The Office of Tourist Development (OTD) pro-
motes Maryland's scenic, recreational, cultural,
and historic attractions. It also provides matching

HOUSING AND COMMUNITY
DEVELOPMENT

Ardath M. Cade, Assistant Secretary for Housing
and Community Development

2525 Riva Road
Annapolis 21401 Telephone: 269-2468

The office of the Assistant Secretary for Hous-
ing and Community Development oversees and
coordinates the following four divisions in the
Department of Economic and Community Devel-
opment that provide housing finance and mort-
gage services, building code and energy utilization
regulation, general community development sup-
port to local governments, and oversight of state
historical and cultural agencies: Codes Adminis-
tration; Community Development Administra-
tion; Division of Local and Regional Develop-
ment; and Maryland Housing Fund.

COMMUNITY DEVELOPMENT
ADMINISTRATION

Thomas M. Cook, Director

2525 Riva Road
Annapolis 21401 Telephone: 269-3161

The Community Development Administration
(CDA), created by Chapter 527, Acts of 1970, is
Maryland's housing finance agency. Operating
under the Department of Economic and Commu-
nity Development, CDA administers five loan
programs to finance housing:

The Development Finance Program is responsi-
ble for providing below market-rate interest con-
struction loans and/or permanent financing to
private, non-profit, and public sponsors to stimu-
late the production of rental housing to meet the
needs of the citizens of Maryland, particularly
families of limited income and the elderly. The
program is coordinated with the federal govern-
ment in order to obtain subsidies required to
make Development Finance Program housing fea-
sible.

The Maryland Home Financing Program, which
was enacted by the General Assembly in the 1972
legislative session, provides direct mortgage loans
at a preferred rate of interest for moderate- and