1280                            LAWS OF MARYLAND                     [CH. 553

purchase prices which persons and families 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, muni-
cipalities, counties and/or local agencies in their efforts to construct
low and moderate income housing in their communities.

It is further declared that private enterprise has encountered diffi-
culty in providing new residential and community facilities because
of problems in assembling land suitable for building sites, the diffi-
culty of attracting private capital at reasonable cost to finance de-
velopment, 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 mod-
erate income and with adequate public services to serve the develop-
ment.

Therefore, the Maryland Housing and Community Development
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 associ-
ations, insurance companies, and other financial institutions to meet
the need of low and moderate income housing constructions and to
make land available for such construction.

8. DEFINITIONS

(1)   "Authority" means the Maryland Housing and Community
Development Authority created by Section 4 of this Act.

(2)   "Limited Dividend Corporation" means a corporation which
qualifies as a limited dividend corporation under the Federal housing
laws in effect from time to time.

(3)   "Local development corporation" means any corporation or
foundation no part of the net earnings of which inures to the benefit
of any private shareholder or individual organized and operated pri-
marily for the purposes of fostering, encouraging, and assisting the
development of low and moderate income residential units within
the State or any limited dividend corporation organized and operated
primarily for the purposes of promoting the development of low
and moderate income residential units within the State.

(4)   "LOCAL PUBLIC AGENCY" MEANS ANY AGENCY OF
A LOCAL GOVERNMENT THAT IS RESPONSIBLE FOR THE
DEVELOPMENT OF LOW AND MODERATE INCOME HOUS-
ING OR ANY LOCAL PUBLIC HOUSING AUTHORITY.

(4) (5) "Low and moderate income housing" means housing which
qualifies for Federal financial assistance AS LOW AND MODER-
ATE INCOME HOUSING under Federal housing programs in effect
from time to time.

(5) (6) &