MARVIN MANDEL, Governor                                 2721

(51) LOANS TO FACILITATE LOW AND MODERATE COST

RESIDENTIAL MORTGAGE FINANCING WITHIN THE
CITY

(A)    TO DEVELOP [[A OWNER-OCCUPATION]] AN
OWNER-OCCUPANCY 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 ]] AN
OWNER-OCCUPANCY 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 MAY BE DETERMINED BY THE MAYOR AND
CITY COUNCIL OF BALTIMORE TO BE APPROPRIATE OR NECESSARY
TO ACCOMPLISH THE PUBLIC PURPOSE SET FORTH IN PARAGRAPH

(A) OF THIS SUB-SECTION;

(C)    WITHOUT IN ANY WAY LIMITING THE GENERALITY OF
ANY OTHER PROVISIONS OF THE CHARTER OF THE MAYOR AND CITY
COUNCIL OF BALTIMORE, TO BORROW MONEY BY THE ISSUANCE OF
ITS REVENUE BONDS AND LIMITED OBLIGATIONS PURSUANT TO
ARTICLE II, SUB-SECTION (50), OF THIS CHARTER IN ORDER TO
OBTAIN THE MONEYS NECESSARY TO EFFECT THE RESIDENTIAL
MORTGAGE LOAN PROGRAM HEREBY AUTHORIZED.