5431
MONTGOMERY COUNTY

PURCHASER SHALL BE ENTITLED UNDER THIS AGREEMENT IS THE
PRICE THAT WAS PAID BY THE PURCHASER PLUS THAT PERCENTAGE
OF THE UNIT'S APPRECIATION IN VALUE ATTRIBUTABLE TO THE
INCREASE IN THE COST OF LIVING FOR THE PERIOD BETWEEN
PURCHASE AND SALE, AS DETERMINED BY THE U.S. DEPARTMENT
OF COMMERCE'S CONSUMER PRICE INDEX PLUS THE VALUE OF
IMPROVEMENTS BEYOND NORMAL MAINTENANCE.

(K) LOANS, SUBSIDIES, MORTGAGES: MAKE

MORTGAGE LOANS AND RENT SUBSIDY PAYMENTS TO PERSONS OF
ELIGIBLE INCOME; MAKE CONSTRUCTION LOANS AND LONG-TERM
MORTGAGE LOANS TO ANY PERSON, FIRM, PARTNERSHIP,
ASSOCIATION, JOINT VENTURE, OR CORPORATION, PUBLIC OR
PRIVATE, TO PRODUCE HOUSING FOR PERSONS OF ELIGIBLE
INCOME; PURCHASE MORTGAGES SECURED BY HOUSING FOR PERSONS
OF ELIGIBLE INCOME.

(L)        EXERCISE OF POWERS: EXERCISE ALL, OR ANY

PORTION OR COMBINATION OF THE POWERS AND AUTHORIZATIONS
HEREIN GRANTED.

56-24. CREATION OF CORPORATION.

THE          DUTIES,          POWERS,          AUTHORIZATIONS, AND

RESPONSIBILITIES SET FORTH IN THIS ARTICLE MAY BE CARRIED
OUT BY AND THROUGH THE HOUSING AUTHORITY OF MONTGOMERY
COUNTY OR ANY SUCCESSOR THERETO WHEREVER AND TO THE
EXTENT THEY ARE WITHIN THE POWERS GRANTED BY LAW TO THE
SAID AUTHORITY. SUBJECT TO THE FOREGOING, MONTGOMERY
COUNTY IS HEREBY AUTHORIZED TO PROVIDE TO THE CREATION OF
A NON-PROFIT CORPORATION OR CORPORATIONS PURSUANT TO
STATE LAW, OR ASSIST A PRIVATE NON-PROFIT CORPORATE BODY
OR BODIES, TO CARRY OUT OPPORTUNITY HOUSING PROJECTS,
WHICH CORPORATION OR CORPORATIONS MAY BE AUTHORIZED TO
ASSIST THE COUNTY IN EXERCISING ITS DUTIES, POWERS,
AUTHORIZATIONS AND RESPONSIBILITIES SET FORTH IN THIS
ARTICLE, INCLUDING BUT NOT LIMITED TO THE SALE OF REAL
PROPERTY UPON SUCH TERMS AND CONDITIONS AND AT SUCH
PRICES AS MAY BE DETERMINED TO MAKE ECONOMICALLY FEASIBLE
THE DEVELOPMENT OF OPPORTUNITY HOUSING. THE ARTICLES OF
INCORPORATION AND BY-LAWS OF ANY SUCH NON-PROFIT
CORPORATION OR CORPORATIONS CREATED UNDER COUNTY
DIRECTION PURSUANT TO STATE LAW, OTHER THAN CORPORATIONS
CREATED BY SPECIAL ACT OF THE GENERAL ASSEMBLY, SHALL BE
SUBMITTED BY THE COUNTY EXECUTIVE TO THE COUNTY COUNCIL
AND SHALL BE SUBJECT TO APPROVAL, DISAPPROVAL OR
MODIFICATION AND APPROVAL BY RESOLUTION OF THE COUNCIL
AFTER APPROPRIATE PUBLIC HEARING. AN ADDITIONAL PUBLIC
HEARING OR HEARINGS SHALL NOT BE REQUIRED IF EITHER THE
ARTICLES OF INCORPORATION OR THE BY-LAWS ARE MODIFIED BY
THE COUNCIL AFTER THE INITIAL PUBLIC HEARING. ANY ARTICLES
OF INCORPORATION SUBMITTED HEREUNDER SHALL INCLUDE, BUT
NOT BE LIMITED TO, PROVISIONS SPECIFYING THE COMPOSITION
AND MEMBERSHIP OF THE BOARD OF DIRECTORS, THE METHOD OF