5471
MONTGOMERY COUNTY

shall deem appropriate for the making of such loans and
the administration of the fund, including the right to
contract with private organizations for the
administration of such fund.

Section 2. Effective date.

This Act shall take effect on the 76th day following
the date on which it becomes law.

Approved May 24, 1974

Chapter 55

Bill No. 12-74

AN ACT to amend Chapter 56, title "Urban Renewal and
Community Development," of the Montgomery County Code
1972, as amended, by repealing and re-enacting, with
amendments, Sections 56—3 through 56—6, to permit the use
of the homeowners construction loan fund for construction
loans for the construction of new homes for qualified
low-income owners of trailer coaches outside of approved
trailer parks; to provide for an interest rate on loans
varying from 1 to 3 percent per annum depending upon the
owner's financial circumstances; to provide for changes
in the interest rate upon sale of the property; and to
provide for the administration of the funds by the
Director of the Department of Community and Economic
Development.

BE IT ENACTED BY THE COUNTY COUNCIL FOR MONTGOMERY
COUNTY, MARYLAND, that

Sec. 1. Section 56—3, title "General eligibility
requirements," of Chapter 56, title "Urban Renewal and
Community Development," of the Montgomery County Code
197 2, as amended, be and it is hereby repealed and
re—enacted, with amendments to read as follows:

56-3. General eligibility requirements.

To be eligible for assistance under the homeowners'
construction loan fund, properties shall comply with the
following eligibility requirements:

(a) Properties shall be single family, owner
occupied structures or trailer coaches which are found to
be in violation of one or more of the provisions of the
state and county statutes, codes, and ordinances relating