1060

LAWS OF MARYLAND

258

UNLESS THE SUPPLY OF HOUSING AND THE ABILITY OF PERSONS AND
FAMILIES TO OBTAIN MORTGAGE FINANCING IS INCREASED
SIGNIFICANTLY AND EXPEDITIOUSLY, A LARGE NUMBER OF RESIDENTS
OF CECIL COUNTY MAY BE COMPELLED TO LIVE IN UNSANITARY
OVERCROWDED OR UNSAFE CONDITIONS TO THE DETRIMENT OF THE
HEALTH, WELFARE, AND WELL-BEING OF THESE PERSONS AND OF THE
WHOLE COMMUNITY OF WHICH THEY ARE A PART BY INCREASING THE
HOUSING SUPPLY OF THE COUNTY AND THE ABILITY OF PERSONS AND
FAMILIES TO OBTAIN MORTGAGE FINANCING, THE CLEARANCE,
REPLANNING, DEVELOPMENT AND REDEVELOPMENT OF BLIGHTED AREAS
WILL BE AIDED, THE CRITICAL SHORTAGE OF ADEQUATE HOUSING
WILL BE AMELIORATED, AND THE ABILITY TO PRESERVE AND UTILIZE
EXISTING HOUSING AND NEIGHBORHOODS WILL BE GREATLY ENHANCED.

(4)  A MAJOR CAUSE OF THIS HOUSING CRISIS IS THE
LACK OF FUNDS AT BORROWING COSTS WHICH ARE AT A LEVEL
WHEREBY PERSONS AND FAMILIES CAN AFFORD TO OWN AND MAINTAIN
DECENT, SAFE, AND SANITARY HOUSING. AN ADDITIONAL MAJOR
CAUSE OF A HOUSING CRISIS IS THE LACK OF FUNDS AVAILABLE TO
FINANCE HOUSING BY THE PRIVATE MORTGAGE LENDING INSTITUTIONS
OF THE STATE. THIS LACK OF FUNDS HAS FRUSTRATED THE
MAINTENANCE, SALE, AND PURCHASE OF EXISTING RESIDENCES IN
CECIL COUNTY.

(5)  THE AUTHORITY AND POWERS CONFERRED UNDER
THIS SECTION AND THE EXPENDITURE OF PUBLIC MONEYS NECESSARY
AND APPROPRIATE TO CARRY OUT A RESIDENTIAL MORTGAGE PROGRAM
AS CONTEMPLATED IN THIS SECTION, CONSTITUTE THE SERVING OF A
VALID PUBLIC PURPOSE. THE ENACTMENT OF THIS SECTION IS
DECLARED TO BE IN THE PUBLIC INTEREST.

(B)  IT IS THE DECLARED LEGISLATIVE PURPOSE TO AID IN
REMEDYING THESE CONDITIONS, AND TO PROMOTE THE EXPANSION OF
THE SUPPLY OF FUNDS AT LOWER BORROWING COSTS THAN THOSE
OTHERWISE PREVAILING FOR RESIDENTIAL MORTGAGES FOR PERSONS
AND FAMILIES, AND THEREBY HELP ALLEVIATE THE SHORTAGE OF
ADEQUATE HOUSING AND PRESERVE EXISTING HOUSING AND
NEIGHBORHOODS.

(C)  IN ORDER BETTER TO ACCOMPLISH THE FOREGOING
PURPOSES, IN ADDITION TO WHATEVER OTHER POWERS IT MAY HAVE
AND NOTWITHSTANDING ANY LIMITATION OF LAW, CECIL COUNTY MAY
BORROW MONEY BY ISSUING REVENUE BONDS, NOTES, OR OTHER
EVIDENCES OF OBLIGATION, IN A TOTAL AGGREGATE AMOUNT NOT TO
EXCEED $15,000,000, FOR THE PURPOSE OF MAKING FUNDS
AVAILABLE, EITHER DIRECTLY OR THROUGH MORTGAGE LENDING
INSTITUTIONS, BY FORWARD COMMITMENT MORTGAGE PURCHASE,
EXISTING MORTGAGE PURCHASE, LOANS TO LENDERS, REVOLVING
MORTGAGE FUND, OR OTHERWISE IN ANY MANNER DEEMED APPROPRIATE
BY THE COUNTY FOR RESIDENTIAL MORTGAGE LOANS TO PERSONS AND
FAMILIES, AND, IN CONNECTION WITH ANY PROGRAM, MAY COLLECT
FROM A BORROWER PARTICIPATING IN THE PROGRAM PARTICIPATION
CHARGES DEEMED NECESSARY OR APPROPRIATE BY THE COUNTY TO
COVER THE LOAN PROCESSING, LOAN ADMINISTRATION, MORTGAGE
INSURANCE, AND OTHER COSTS AND EXPENSES OF THE PROGRAM.