1246                               Laws of Maryland                         Ch. 527

ment project. Subject to the provisions of any contract with note-
holders or bondholders, consent to the modification, with respect to
rate of interest, time of payments of any installment of principal or
interest, security, or any other term, of any mortgage, mortgage
loan, mortgage loan commitment, contract or agreement of any kind
to which the Administration is a party. In connection with any
property on which it has made a mortgage loan, to foreclose on
any such property or commence any action to protect or enforce
any right conferred upon it by any law, mortgage contract or other
agreement, and to bid for and purchase such property at any fore-
closure or at any other sale, or acquire or take possession of any
such property; and in such event the Administration may complete,
administer, pay the principal of and interest on any obligations in-
curred in connection with such property, dispose of, and otherwise
deal with such property, in such manner as may be necessary or
desirable to project the interests of the Administration therein. Any
lien held by the Administration on property shall be a lien superior
to all other liens on the property except liens for taxes owed to the
State of Maryland or any subdivision thereof and earlier mortgage
liens.

266DD-5. Community Development Plan Approval, Local Approval
and Cooperation

(a)    In accordance with regulations promulgated by the Secre-
tary of Economic and Community Development, any contract,
arrangement or agreement entered into for purposes of carrying out
its functions and responsibilities under Section 266DD-4 hereof,
shall be approved by the Secretary and where required by law by
the Board of Public Works.

(b)    The Administration shall be required to obtain approval of
the land use for a community development by resolution of the ap-
propriate local governing body of the locality in which the develop-
ment is situated before acquiring by grant, gift, purchase, or other-
wise real property, which is not open, predominantly open, or un-
derdeveloped UNDEVELOPED land, personal property or mixed
property and owning, holding, clearing, improving, constructing, or
rehabilitating, and selling, assigning, transferring, leasing, mortgag-
ing, or otherwise disposing of same or any combination of the fore-
going. THE ADMINISTRATION SHALL ALSO BE REQUIRED
TO OBTAIN SUCH APPROVAL FROM THE APPROPRIATE
LOCAL GOVERNING BODY BEFORE BUILDING OR CON-
STRUCTING HOUSING ON ANY REAL PROPERTY.

(c)    Notwithstanding any provision of this Act or any other law
or regulation of the State of Maryland, the Administration in exer-
cising its functions and responsibilities may sell or lease for a term
not exceeding ninety-nine years all or any portion of the real, mixed
or personal property constituting a community development project
without public bidding or public sale and upon such terms and con-
ditions as may be determined to make economically feasible housing
in that development for families of limited incomes whenever such
sale or lease is in conformity with a plan for community develop-
ment approved by the Secretary at a public hearing after notice
published in at least one newspaper of general circulation in the
municipality or county in which the development is situated. The
plan for community development presented at the hearing shall be in