Ch. 330 LAWS OF MARYLAND

ADEQUATE HOUSING AND CONTINUING CARE FACILITIES FOR THE
ELDERLY, AND (2) A NUMBER OF ECONOMICALLY DEPRESSED AREAS
AND HOUSING IN NEED OF REHABILITATION. AS A RESULT, COUNTY
RESIDENTS ARE FORCED TO OCCUPY OVERCROWDED, CONGESTED, AND
DETERIORATED HOUSING AND LIVE IN DEPRESSED NEIGHBORHOODS,
AND MANY ELDERLY CITIZENS ARE FORCED TO REMAIN IN HOUSING
WHICH IS ILL-SUITED FOR THEIR CURRENT NEEDS AND ABILITIES.
THESE CONDITIONS NECESSITATE EXCESSIVE AND DISPROPORTIONATE
EXPENDITURES OF PUBLIC FUNDS FOR PUBLIC HEALTH, SAFETY AND
WELFARE PROTECTION, AND OTHER PUBLIC SERVICES AND FACILITIES.
THE OPERATIONS OF CONTINUING CARE FACILITIES ABSORB COSTS OF
HEALTH, SAFETY, AND SOCIAL SERVICES OF THE RESIDENTS OF THOSE
FACILITIES WHILE ADDING TO THE AVAILABLE HOUSING STOCK OF THE
COUNTY. THE SHORTAGE OF DECENT, SAFE, AND ADEQUATE HOUSING
AND CONTINUING CARE FACILITIES, AND THE REVITALIZATION OF
DEPRESSED NEIGHBORHOODS AND REHABILITATION OF HOUSING
CANNOT BE RELIEVED WHOLLY THROUGH THE OPERATION OF PRIVATE
ENTERPRISE. THE CONSTRUCTION AND REHABILITATION OF HOUSING
INCLUDING CONTINUING CARE FACILITIES FOR PRINCE GEORGE'S
COUNTY RESIDENTS, AND THE ACQUISITION AND EXPENDITURE OF
PUBLIC FUNDS TO PRODUCE SUCH HOUSING, THEREFORE, ARE NOT
COMPETITIVE WITH PRIVATE ENTERPRISE. A NEED EXISTS FOR
MORTGAGE CREDIT TO BE MADE AVAILABLE FOR NEW HOUSING
CONSTRUCTION AND FOR REHABILITATING EXISTING HOUSING
BECAUSE MANY PURCHASERS AND OWNERS OF HOUSING ARE UNABLE
TO AFFORD MORTGAGE CREDIT AT THE MARKET RATE OF INTEREST OR
OBTAIN MORTGAGE CREDIT BECAUSE THE MORTGAGE CREDIT MARKET
IS SEVERELY RESTRICTED. A NEED EXISTS FOR THE ACQUISITION AND
CONSTRUCTION OF CONTINUING CARE FACILITIES AT THE LEAST COST
TO THE USERS OF THOSE FACILITIES. A NEED EXISTS FOR THE
CONSTRUCTION AND REHABILITATION OF SUCH HOUSING AND
CONTINUING CARE FACILITIES AND THE EXPENDITURE OF PUBLIC
RESOURCES AND ASSISTANCE MEET THE NEEDS AND ARE IN THE PUBLIC
INTEREST. IN ADDITION, THERE ARE MANY FAMILIES LIVING IN
EXISTING HOUSING WHICH, WHILE DECENT AND SAFE, IS INADEQUATE
FOR THE SIZE OF THE FAMILY. SOME OF THOSE FAMILIES COULD
AFFORD TO PURCHASE NEW HOUSING IF THEIR EXISTING HOME COULD
BE SOLD TO SMALLER FAMILIES FOR WHOM THE HOME WOULD BE
MORE ADEQUATE. IN MANY CASES, PROSPECTIVE PURCHASERS OF
THESE EXISTING HOMES WOULD BE FIRST-TIME BUYERS, WHO FIND IT
DIFFICULT OR IMPOSSIBLE TO AFFORD NEWLY-CONSTRUCTED HOUSING
BECAUSE THEY DO NOT HAVE AN EQUITY INTEREST IN THEIR PRESENT
HOUSING TO AID IN THE FINANCING OF A HOME PURCHASE. IT IS,
THEREFORE, IN THE PUBLIC INTEREST TO ASSIST FIRST-TIME HOME
BUYERS TO ACQUIRE EXISTING HOUSING AS WELL AS NEWLY
CONSTRUCTED OR REHABILITATED HOUSING. SUCH ASSISTANCE WILL
DIRECTLY ASSIST NONHOMEOWNERS TO ACQUIRE HOUSING AND

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