Ch. 343 LAWS OF MARYLAND

CREDIT OF THE LOCAL GOVERNMENT (INCLUDING THE POWER TO
MORTGAGE, PLEDGE, AND GRANT A SECURITY INTEREST IN ANY REAL
OR PERSONAL PROPERTY RELATED TO A PARTICULAR PROJECT), AND
TO DO ALL THINGS NECESSARY OR CONVENIENT TO ITS PARTICIPATION.
ANY SUCH BORROWING SHALL BE SECURED BY THE PROPERTY OR
REVENUES DERIVED FROM SUCH PROPERTY.

(E) WITH RESPECT TO ANY RENTAL HOUSING FINANCED FROM
THE FUND THAT IS OWNED OR MANAGED BY ANY HOUSING AUTHORITY
AUTHORIZED UNDER ARTICLE 44A OF THE CODE, THE PROVISIONS OF
THIS SUBTITLE SHALL SUPERSEDE THE PROVISIONS OF ARTICLE 44A,
SECTIONS 9 AND 10 OF THE CODE AND ANY OTHERWISE APPLICABLE
RESTRICTIONS ON TENANT INCOME PROVIDED FOR IN ARTICLE 44A OR
ARTICLE 44B OF THE CODE.

2-1108.

THE DEPARTMENT MAY ESTABLISH:

(1) MAXIMUM AMOUNTS OF FUNDING WHICH WILL BE
PROVIDED TO INDIVIDUAL PARTNERSHIP RENTAL HOUSING UNITS, ANY
1 PROJECT, OR ANY LOCAL GOVERNMENT;

(2) A PROCESS FOR APPROVING FUNDING FOR PROJECTS
THAT ENCOURAGES A BROAD GEOGRAPHIC DISTRIBUTION OF FUNDS;

AND

(3) THE MAXIMUM LENGTH OF TIME THAT A HOUSEHOLD
MAY BE PERMITTED TO CONTINUE TO OCCUPY THE PARTNERSHIP
RENTAL HOUSING AFTER IT HAS REACHED AN ANNUAL INCOME WHICH
EXCEEDS THE INCOME LIMITS FOR HOUSEHOLDS OF LOWER INCOME.

2-1109.

(A) THE FUND SHALL OPERATE AS A CONTINUING, NONLAPS1NG,
SPECIAL FUND, THAT CONSISTS OF MONEYS APPROPRIATED BY THE
STATE TO THE PROGRAM OR MADE AVAILABLE TO THE PROGRAM FROM
THE SALE OF GENERAL OBLIGATION OR OTHER BONDS, AND SHALL
INCLUDE THE PROCEEDS OF THE SALE OF BONDS AUTHORIZED BY
CHAPTER 625 OF THE ACTS OF THE GENERAL ASSEMBLY OF 1988 AND
CHAPTER 97 OF THE ACTS OF THE GENERAL ASSEMBLY OF 1989.

(B) THE STATE TREASURER SHALL HOLD AND THE STATE
COMPTROLLER SHALL ACCOUNT FOR THE FUND. THE FUND SHALL BE
INVESTED AND REINVESTED. ANY INVESTMENT EARNINGS SHALL BE
PAID INTO THE FUND. ANY REPAYMENT OF LOANS FROM THE FUND
SHALL BE PAID INTO THE FUND EXCEPT TO THE EXTENT ANY STATE OR
FEDERAL LAW GOVERNING THE PROCEEDS OF BONDS PROHIBITS THE
RECYCLING OF FUNDS.

(C) AT ANY TIME FOLLOWING THE FIRST 8 MONTHS OF ANY FISCAL

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