HARRY HUGHES, Governor                               1701

Approved May 29, 1979.

CHAPTER 609
(House Bill 1143)
AN ACT concerning

Community Development Administration — Mortgage Loans

FOR the purpose of authorising the Community Development
Administration to give mortgage loans for financing or

purchase of stock or membership in a cooperative

ownership housing corporation providing that the term
"mortgage loans" includes loans to finance or refinance
purchases of stock or membership or to rehabilitate
units in a cooperative ownership housing corporation;
and clarifying the power of Community Development
Administration to make or participate in making such
loans.

BY repealing and reenacting, with amendments,

Article 41 — Governor — Executive and Administrative

Departments
Section 266DD-4(13)
Annotated Code of Maryland
(1978 Replacement Volume and 1978 Supplement)

SECTION 1- BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 41 — Governor — Executive and Administrative

Departments

266DD-4.

The Administration shall have the following functions
and responsibilities:

(13) In accordance with the provisions of §
266DD—5, make and participate in making mortgage loans for
any community development project, secured by a mortgage
lien, including temporary loans or advances, [and including]
permanent direct mortgage loans to families for the purchase
of dwelling units in a community development project, LOANS

TO FINANCE THE PURCHASE OF STOCK OR MEMBERSHIP IN A

COOPERATIVE OWNERSHIP HOUSING—CORPORATION, and undertake

commitments therefor. IN THIS SUBTITLE, "MORTGAGE LOANS"
INCLUDES LOANS TO FINANCE OR REFINANCE PURCHASES OF STOCK OR
MEMBERSHIP OR TO REHABILITATE UNITS IN A COOPERATIVE
OWNERSHIP HOUSING CORPORATION. Any such commitment, mortgage