2644

LAWS OF MARYLAND

[Ch. 552

AN ACT concerning

Maryland Home Financing Act

FOR the purpose of creating the Maryland Home Finance
Authority and providing for its composition, duties,
and powers; authorizing the Authority to borrow
money and issue its bonds; providing procedures for
sale of the bonds; authorizing the Authority [[to
lend money to mortgage lenders,]] to participate
with mortgage lenders in the making of Maryland home
mortgage loans, and to purchase Maryland Home
mortgages and interests in them from mortgage
lenders, all under conditions set by the Authority
and for the purpose of providing funds for the
making of new Maryland home mortgages; providing for
an allocation of funds among the subdivisions and
the mortgage lenders; relating generally to the
operations and financing of the Authority and to the
[[loan to lenders and]] mortgage purchase programs.

BY adding to

Article 41 — Governor — Executive and Administrative

Departments
Sections 457 through [[473]] 472, inclusive, to be

under the new subtitle "Maryland Home

Finance Act"
Annotated Code of Maryland
(1971 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Sections 457 through [[473]] 472,
inclusive, to be under the new subtitle "Maryland Home
Finance Act" be and they are hereby added to Article 41 —
Governor — Executive and Administrative Departments, of
the Annotated Code of Maryland (1971 Replacement Volume
and 1974 Supplement) to read as follows:

Article 41 - Governor - Executive and Administrative

Departments

MARYLAND HOME FINANCE ACT

457. FINDINGS AND PURPOSE.

THE GENERAL ASSEMBLY FINDS AND DECLARES THAT:

(A) THERE IS PRESENTLY A CRITICAL SHORTAGE OF
AVAILABLE MORTGAGE FUNDS TO FINANCE THE PURCHASE OF
SINGLE FAMILY RESIDENCES IN THE STATE OF MARYLAND, AND