2234                                          LAWS OF MARYLAND [Ch. 659

Subsection (51)

Charter of Baltimore City

(1964 Revision with amendments to July 1, 1973)

SECTION 1.       BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That      new subsection (51) be and it is hereby

added to Article   II of the Charter of Baltimore City

(1964 Revision      with amendments to July 1, 1973) to read
as follows:

Article II — General Powers

(51) LOANS TO FACILITATE LOW AND MODERATE COST
RESIDENTIAL MORTGAGE FINANCING WITHIN THE
CITY

(A)    TO DEVELOP A [[OWNER-OCCUPATION]] RESIDENTIAL
MORTGAGE LOAN PROGRAM IN BALTIMORE CITY TO SERVE A PUBLIC
PURPOSE AND NEED WHICH IS EXPRESSLY FOUND AND DETERMINED
TO BE THE DEVELOPMENT AND PERPETUATION OF READILY
AVAILABLE SOURCES OF MONEY AT LOW AND MODERATE COST FOR
[[SUCH]] RESIDENTIAL MORTGAGE LOANS WITHIN BALTIMORE CITY
WHICH PURPOSE IS ESSENTIAL (I) TO PRESERVE A HEALTHY AND
VIABLE ECONOMY WITHIN BALTIMORE CITY, (II) TO ENCOURAGE
AND FACILITATE THE CREATION OR MAINTENANCE OF A HEALTHY
AND READY MARKET FOR [[SUCH]] RESIDENTIAL REAL ESTATE IN
BALTIMORE CITY INCLUDING (WITHOUT LIMITATION) THE READY
SALE AND PURCHASE OF EXISTING RESIDENTIAL REAL ESTATE AND
THE PURCHASE, ACQUISITION, CONSTRUCTION, ERECTION OR
DEVELOPMENT OF BUILDINGS OR STRUCTURES FOR
[[OWNER-OCCUPATION]] RESIDENTIAL PURPOSES, INCLUDING ANY
LAND NECESSARY THEREFOR, WITHIN THE BOUNDARIES OF
BALTIMORE CITY, (III) TO ENCOURAGE AND FACILITATE THE
PURCHASE OF SUCH RESIDENTIAL REAL PROPERTY IN ORDER TO
MAINTAIN AND ENCOURAGE GROWTH IN REAL PROPERTY
ASSESSMENTS IN BALTIMORE CITY, AND (IV) TO PRESERVE THE
PUBLIC HEALTH, SAFETY AND WELFARE OF THE RESIDENTS OF
BALTIMORE CITY BY ENABLING RESIDENTS OF BALTIMORE CITY OF
ALL INCOME LEVELS TO FINANCE READILY THEIR HOUSING NEEDS
IN BALTIMORE CITY, THUS DISCOURAGING THE PROLIFERATION OF
VACANT AND SUBSTANDARD HOUSING IN BALTIMORE CITY AND
RETARDING OR REVERSING THE MOVEMENT OF FINANCIALLY
SELF-SUFFICIENT TAXPAYERS TO SURROUNDING SUBDIVISIONS;
AND

(B)    TO PURCHASE OR CONTRACT TO PURCHASE OR
OTHERWISE ACQUIRE MORTGAGE LOANS (I) BEARING INTEREST
RATES BELOW THOSE GENERALLY PREVAILING (AT THE TIME OF
PURCHASE OR CONTRACT TO PURCHASE) IN THE PRIVATE MORTGAGE
MARKET (TO THE EXTENT SUCH A MARKET EXISTS AT THAT TIME)
FOR LOANS OF COMPARABLE QUALITY AND TERM IN BALTIMORE
CITY AND (II) HAVING WHATEVER OTHER TERMS AND
CHARACTERISTICS AS SAY BE DETERMINED BY THE MAYOR AND
CITY COUNCIL OF BALTIMORE TO BE APPROPRIATE OR NECESSARY