1966

LAWS OF MARYLAND

Ch. 488

The administration shall have the following functions
and responsibilities:

(15) (I) 1. THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

2.  "ADMINISTRATION" MEANS THE COMMUNITY
DEVELOPMENT ADMINISTRATION, A DIVISION OF THE MARYLAND
DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT.

3.  "ALLOCATION SHARE" MEANS THE AMOUNT
DETERMINED BY MULTIPLYING ONE-HALF OF THE STATE CEILING
TIMES THE PROPORTIONATE SHARE DETERMINED IN ACCORDANCE WITH
PARAGRAPH (III) OF THIS SUBSECTION.

4.  "AVERAGE AREA PURCHASE PRICE" MEANS THE
AVERAGE PURCHASE PRICE OF SINGLE-FAMILY RESIDENCES WHICH
WERE PURCHASED DURING THE MOST RECENT 12 MONTH PERIOD FOR
WHICH SUFFICIENT STATISTICAL INFORMATION IS AVAILABLE AS
DETERMINED BY THE SECRETARY, IN A STANDARD METROPOLITAN
STATISTICAL AREA OR, IN ANY COUNTY WHICH IS NOT WITHIN A
STANDARD METROPOLITAN STATISTICAL AREA, IN THE COUNTY. IF
IN THE JUDGMENT OF THE SECRETARY THIS AVERAGE CANNOT BE
DETERMINED FOR A COUNTY THEN THE AVERAGE AREA PURCHASE PRICE
FOR THAT COUNTY THAT COUNTY SHALL BE THE AVERAGE PURCHASE
PRICE FOR THE STATE.

3. 5. "CODE" MEANS THE UNITED STATES
INTERNAL REVENUE CODE OF 1954, AS FROM TIME TO TIME IN
EFFECT.

4. 6. "COUNTY" MEANS ANY COUNTY OF THE
STATE AND BALTIMORE CITY.

5. 7. "ELIGIBLE LOCAL ISSUER" MEANS, FOR
ANY CALENDAR YEAR, A POLITICAL SUBDIVISION OR MUNICIPAL
CORPORATION OF THE STATE, INCLUDING ANY HOUSING AUTHORITY
ESTABLISHED UNDER ARTICLE 44A, THAT AS OF THE FIRST DAY OF
THAT YEAR, HAS LEGAL AUTHORITY, AS DETERMINED BY THE
SECRETARY IN CONSULTATION WITH THE ATTORNEY GENERAL OF THE
STATE, TO ISSUE QUALIFIED MORTGAGE BONDS.

6. 8. "ELIGIBLE STATE ISSUER" MEANS FOR
ANY CALENDAR YEAR, THE STATE OR ANY DIVISION OR AGENCY OF
THE STATE THAT HAS LEGAL AUTHORITY, AS DETERMINED BY THE
SECRETARY IN CONSULTATION WITH THE ATTORNEY GENERAL OF THE
STATE, TO ISSUE QUALIFIED MORTGAGE BONDS.

7. 9. "QUALIFIED MORTGAGE BOND" MEANS AN
OBLIGATION THAT MEETS THE DEFINITION OF "QUALIFIED MORTGAGE
BOND" SET FORTH IN SECTION 103A(C)(1) OF THE CODE.

8. 10. "SECRETARY" MEANS THE SECRETARY OF
ECONOMIC AND COMMUNITY DEVELOPMENT.