HARRY HUGHES, Governor

2589

(1)  "LOW AND MODERATE INCOME PERSONS AND
FAMILIES" MEANS PERSONS AND FAMILIES DETERMINED BY A COUNTY
OR MUNICIPALITY TO LACK THE FINANCIAL ABILITY TO PAY PRICES
OR RENTALS SUFFICIENT TO INDUCE PRIVATE ENTERPRISE IN THE
COUNTY OR MUNICIPALITY TO BUILD A SUFFICIENT SUPPLY OF
ADEQUATE, SAFE, AND SANITARY DWELLINGS WITHOUT THE SPECIAL
ASSISTANCE AFFORDED BY THIS SECTION.

(2) "COUNTY AND MUNICIPALITY" MEANS ALLEGANY,
KENT, AND WORCESTER COUNTIES AND THE MUNICIPALITIES LOCATED
THEREIN.

(2)  "COUNTY" MEANS A COUNTY THAT HAS ADOPTED THE
OPTIONAL POWERS OF HOME RULE PROVIDED UNDER ARTICLE XI-F OF
THE CONSTITUTION.

(D)  IN ORDER TO BETTER ACCOMPLISH THE FOREGOING
PURPOSES, IN ADDITION TO WHATEVER OTHER POWERS IT MAY HAVE
AND NOTWITHSTANDING ANY LIMITATION OF LAW, ANY COUNTY OR
MUNICIPALITY MAY BORROW MONEY BY ISSUING REVENUE BONDS,
NOTES, OR OTHER EVIDENCES OF OBLIGATION FOR THE PURPOSE OF
MAKING FUNDS AVAILABLE, EITHER DIRECTLY OR. THESE FUNDS
SHALL BE MADE AVAILABLE ONLY 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 LEGISLATIVE BODY FOR RESIDENTIAL MORTGAGE LOANS TO
LOW AND MODERATE INCOME 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 LEGISLATIVE BODY TO COVER
THE LOAN PROCESSING, LOAN ADMINISTRATION, MORTGAGE
INSURANCE, AND OTHER COSTS AND EXPENSES OF THE PROGRAM.

(E)  AN ORDINANCE OR RESOLUTION SHALL BE ADOPTED BY THE
LEGISLATIVE BODY OF THE COUNTY OR MUNICIPALITY SPECIFYING
THE PROPOSED RESIDENTIAL MORTGAGE PROGRAM, THE AMOUNT OF
BONDS TO BE ISSUED, THE RATE OR RATES OF INTEREST THE BONDS
ARE TO BEAR, OR THE METHOD OF DETERMINING THE RATE OR RATES,
AND OTHER PROVISIONS NOT INCONSISTENT WITH THIS SECTION AS
SHALL BE DETERMINED BY THE LEGISLATIVE BODY TO BE NECESSARY
OR DESIRABLE TO EFFECT THE FINANCING OF THE MORTGAGE LOANS.

(F) (1) IN THE ORDINANCE OR RESOLUTION AUTHORIZING THE
ISSUANCE OF BONDS, THE COUNTY OR MUNICIPALITY SHALL MAKE
FINDINGS AS TO THE APPROPRIATE RANGES OF INCOME OF LOW AND
MODERATE INCOME PERSONS AND FAMILIES, THE NEED FOR FINANCING
PERMITTED UNDER THIS SECTION, THE TYPES OF HOUSING AVAILABLE
AND NEEDED IN THE COUNTY OR MUNICIPALITY, AND OTHER FACTORS
AS THE COUNTY OR MUNICIPALITY DEEMS APPROPRIATE TO ESTABLISH
A RESIDENTIAL MORTGAGE PROGRAM. IN ANY SUIT, ACTION, OR
PROCEEDING INVOLVING THE VALIDITY OR ENFORCEABILITY OF ANY
BOND ISSUED UNDER THIS SECTION OR THE SECURITY THEREFOR, ANY
FINDING BY THE LEGISLATIVE BODY OF THE COUNTY OR
MUNICIPALITY IN REGARD TO THE QUALIFICATION OF A PERSON OR
FAMILY AS A LOW INCOME OR MODERATE INCOME PERSON OR FAMILY,
OR OTHER FINDING WITH RESPECT TO THE PROGRAM, SHALL BE
CONCLUSIVE.