2648

LAWS OF MARYLAND

[Ch. 552

[[(F)]] (E) IT MAY PROCURE INSURANCE AGAINST LOSS
IN CONNECTION WITH ITS PROPERTY AND OTHER ASSETS,
INCLUDING MORTGAGE LOANS AND LOANS TO MORTGAGE LENDERS IN
AMOUNTS AND FROM INSURERS IT DEEMS DESIRABLE.

[[(G)]] (F) IT MAY ENTER INTO CONTRACTS FOR THE
SERVICING OF MORTGAGE LOANS, OF INTERESTS IN THEM, HELD
BY IT, OR TAKEN AS COLLATERAL BY IT.

[[(H)]] (G) IT MAY ENTER INTO CONTRACTS AND
COMMITMENTS RELATING TO THE EXERCISE OF THESE POWERS.

462. ALLOCATION OF FUNDS.

(A)   IT IS THE INTENTION OF THE GENERAL ASSEMBLY
THAT THE FUNDS AVAILABLB FOR THE PROGRAMS AUTHORIZED
UNDER §§ 464 AND 465 BE ALLOCATED EQUITABLY AMONG THE
COUNTIES AND BALTIMORE CITY IN ACCORDANCE WITH THEIR
RELATIVE NEED FOR THEM, AND THAT THE DEGREE OF
PARTICIPATION BY MORTGAGE LENDERS BE BASED IN LARGE PART
UPON THEIR PAST COMMITMENT TO MAKING HOME MORTGAGES IN
MARYLAND.

(B)     THE AUTHORITY SHALL PROMULGATE RULES,
REGULATIONS, AND PROCEDURES, NOT INCONSISTENT WITH THIS
SECTION, TO DEVELOP AND MAKE THE ALLOCATIONS PROVIDED FOR
IN THIS SECTION. IT SHALL CONSULT AND WORK WITH MORTGAGE
LENDERS AND THE COUNTIES AND BALTIMORE CITY IN THE
DEVELOPMENT OF THESE ALLOCATIONS, AND MAY REQUIRE FROM
[[THEM]] THE MORTGAGE LENDERS. AS A CONDITION OF THEIR
PARTICIPATION, SUCH INFORMATION AS THE AUTHORITY DEEMS
NECESSARY TO IMPLEMENT THIS SECTION.

(C)    THE AUTHORITY SHALL MAKE AN INITIAL ALLOCATION
OF THE FUNDS IT ANTICIPATES WILL BE AVAILABLE FROM EACH
SALE OF BONDS FOR THE [[LOAN TO LENDER AND]] MORTGAGE
PURCHASE PROGRAMS AMONG THE MORTGAGE LENDERS DESIRING TO
PARTICIPATE ACCORDING TO THE PROPORTION WHICH THE
PORTFOLIO OF HOME MORTGAGES, VALUED AT THE CURRENT
MORTGAGE LOAN BALANCE AS OF THE PRECEDING DECEMBER 31,
[[1974,]] HELD BY EACH MORTGAGE LENDER, BEARS TO THE
PORTFOLIO OF HOME MORTGAGES, SO VALUED, HELD BY ALL OF
THE PARTICIPATING MORTGAGE LENDERS.

(D)   AFTER THE ALLOCATION IN SUBSECTION (C) HAS BEEN
MADE. THE AUTHORITY SHALL ALSO MAKE AN INITIAL ALLOCATION
OF THESE FUNDS AMONG THE 23 COUNTIES AND BALTIMORE CITY
BASED UPON THE NEED IN EACH SUCH POLITICAL SUBDIVISION
FOR HOME MORTGAGE FUNDS RELATIVE TO THE TOTAL STATEWIDE
NEED, AS DETERMINED BY THE AUTHORITY AFTER A PROMPT AND
THOROUGH STUDY MADE BY THE DEPARTMENT OF ECONOMIC AND
COMMUNITY DEVELOPMENT.

(E)   IN ORDER TO ASSURE AN EQUITABLE DISTRIBUTION OF