HARRY HUGHES, Governor

1967

11. "SINGLE-FAMILY RESIDENCE" INCLUDES A
SINGLE-FAMILY HOME, TOWNHOUSE, CONDOMINIUM UNIT, OR
INDIVIDUAL UNIT SHARE IN A COOPERATIVE HOUSING CORPORATION.

9. 12. "STATE CEILING" MEANS, FOR ANY
CALENDAR YEAR, THE "STATE CEILING" FOR THE STATE FOR SUCH
YEAR, AS DETERMINED UNDER SECTION 103A(G)(4) OF THE CODE.

(II)  SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH
(III) OF THIS SECTION, 100 PERCENT OF THE STATE CEILING FOR
EVERY YEAR FOR WHICH CONGRESS AUTHORIZES THE ISSUANCE OF
QUALIFIED MORTGAGE BONDS SHALL BE ALLOCATED TO THE
ADMINISTRATION.

(III) 1. THE SECRETARY SHALL DETERMINE THE

FORMULA FOR REALLOCATING PORTIONS OF THE STATE CEILING TO
ELIGIBLE LOCAL ISSUERS. BEFORE NOVEMBER 1, 1981 OR NOVEMBER
1 OF ANY SUCCESSIVE CALENDAR YEAR THE SECRETARY SHALL CAUSE
THIS DETERMINATION TO BE PUBLISHED IN THE MARYLAND REGISTER.

2. ANY DETERMINATION BY THE SECRETARY

UNDER SUB-SUBPARAGRAPH 1 SHALL APPLY TO ALL SUCCEEDING

CALENDAR YEARS UNLESS THE SECRETARY FORMULATES A NEW

DETERMINATION ACCORDING TO SUB-SUBPARAGRAPH 1.

3. AS EARLY AS PRACTICABLE IN EACH

CALENDAR YEAR THE SECRETARY SHALL COMPUTE THE AMOUNT OF THE
STATE CEILING AND THE ALLOCATION OF THE STATE CEILING FOR
EACH ELIGIBLE LOCAL ISSUER AND REALLOCATE FROM THE
ADMINISTRATION TO EACH ELIGIBLE LOCAL ISSUER, A PORTION OF
THE STATE CEILING EQUAL TO NOT LESS THAN THAT ELIGIBLE LOCAL
ISSUER'S SHARE OF THE STATE CEILING AS DETERMINED UNDER

SUBPARAGRAPH 1.

(III) 1. THE SECRETARY SHALL DETERMINE THE
PROPORTIONATE SHARE OF THE STATE CEILING FOR EACH COUNTY-
EACH PROPORTIONATE SHARE SHALL BE THE FRACTION OBTAINED BY
DIVIDING THE SUM OF THE PRICES FOR ALL ELIGIBLE SALES IN THE
COUNTY BY THE SUM OF THE PRICES FOR ALL ELIGIBLE SALES IN
THE STATE. FOR PURPOSES OF THIS PARAGRAPH, "ELIGIBLE SALES"
MEANS SALES, RECORDED DURING THE 12 MONTH PERIOD USED BY THE
SECRETARY IN ESTABLISHING THE AVERAGE AREA PURCHASE PRICE,
OF SINGLE-FAMILY RESIDENCES, THE PURCHASE PRICE OF WHICH DO
NOT EXCEED 90 PERCENT OF THE AVERAGE AREA PURCHASE PRICE AS
DETERMINED BY THE SECRETARY. THE SECRETARY'S DETERMINATION
MAY BE BASED ON A REASONABLE APPROXIMATION AND SHALL BE
CONCLUSIVE FOR PURPOSES OF DETERMINING THESE PROPORTIONATE
SHARES.

2. IF TWO OR MORE ELIGIBLE LOCAL ISSUERS
HAVE OVERLAPPING JURISDICTIONS, THEN THE SECRETARY SHALL
DETERMINE HOW THE PROPORTIONATE SHARE FOR EACH AFFECTED
COUNTY WILL BE ALLOCATED AMONG THESE ISSUERS. IF THE ONLY
ELIGIBLE ISSUERS IN A COUNTY DO NOT HAVE COUNTYWIDE
JURISDICTION, THE SECRETARY SHALL DETERMINE THE PORTION OF
THAT COUNTY'S PROPORTIONATE SHARE AVAILABLE FOR ALLOCATION
TO THESE ELIGIBLE LOCAL ISSUERS.