416                             LAWS OF MARYLAND                      [CH. 201

Whereas, the General Assembly of Maryland recognizes that most
persons live beyond the time they cease to be engaged in gainful em-
ployment, and medical evidence points to further longevity for per-
sons in the future; and

Whereas, the population of the persons over age 65 has increased
since 1950 at approximately twice the rate of increase of the general
population, and the median annual income of such persons is ap-
proximately one-half of the income of persons under that age; and

Whereas, eighty (80) per cent of persons receiving old-age and
survivors assistance benefits from the federal social security pro-
gram live in housing accommodations at least thirty (30) years old
and half of those live in housing accommodations built more than
fifty (50) years ago; and

Whereas, elderly persons living in their own homes now face
problems of rising maintenance expenses, higher property taxes and
major repairs when their physical capacities are impaired and their
financial incomes are halved; and

Whereas, governmental statistics reveal that as a result of the
foregoing factors many elderly and aged citizens live in households
which are in substandard physical condition or they are dependent
upon younger relatives to provide congested housing conditions for
them; and

Whereas, elderly citizens benefit from the social, cultural and
therapeutic advantages derived from the communal associations in-
herent in multi-family housing structures; and

Whereas, the federal government has created the Senior Citizens
Housing Loan Program to provide direct, long-term, low interest
rate loans to eligible private nonprofit corporations and public bodies
or agencies, for the new construction of rental housing structures
and such related facilities as dining halls, community rooms, in-
firmaries and other essential service facilities for rent to persons not
eligible for public housing but whose income is not sufficient to meet
the cost of housing provided with private financing at conventional
interest rates; and

Whereas, the General Assembly of Maryland finds that there is
a need to construct rental housing units designed specifically for
elderly persons and families in this State in the lower middle-income
bracket because of a lack of safe, sanitary and adequate facilities
available for housing such persons; and

Whereas, this need can at least be partially met by nonprofit
corporations willing to undertake the erection and operation of non-
profit rental housing financed by direct loans from the United States
under the Senior Citizens Housing Program, and pursuant to Section
202 of the National Housing Act of 1959, as amended; and

Whereas, creation of such housing for the elderly serves a public
purpose and public object worthy of the cooperation of this State,
and the municipalities thereof; and

Whereas, the General Assembly of Maryland has determined that
it is necessary and advisable to assist private, nonprofit corporations

by way of real estate tax relief, provided that such real estate is

restricted to the purposes set forth above;