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1569
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HARRY HUGHES, Governor
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therefore, are not competitive with private enterprise. A need
exists for mortgage credit to be made available for new housing
construction and for rehabilitating existing housing because many
purchasers and owners of housing are unable to afford mortgage
credit at the market rate of interest or obtain mortgage credit
because the mortgage credit market is severely restricted. A
need exists for the construction and rehabilitation of such
housing and the expenditure of public resources and assistance
meet the needs and are in the public interest. Accordingly, the
provisions of this section are declared as a matter of
legislative determination to create a sound housing stock,
contribute towards a balanced economy, promote the health,
welfare and safety of the residents and therefore be valid public
purposes.
(b) The Housing Authority of Prince George's County[, in]
SHALL CONSTITUTE A PUBLIC BODY CORPORATE AND POLITIC, EXERCISING
PUBLIC AND ESSENTIAL GOVERNMENTAL FUNCTIONS, AND HAVING ALL THE
POWERS NECESSARY OR CONVENIENT TO CARRY OUT AND EFFECTUATE THE
PURPOSES AND PROVISIONS OF THIS ARTICLE. IN addition to the
powers enumerated in this article, [has the authority] THE
HOUSING AUTHORITY IS AUTHORIZED to exercise all or any part or
combination of such powers to provide housing, housing
rehabilitation, housing projects, integrally related commercial
structures, and the financing of such housing for county
residents; and to acquire and expend public funds for such
purposes.
(c) With the approval of the county governing body, the
Housing Authority of Prince George's County within its area of
operation also has the following powers:
(1) To make construction loans and long-term mortgage
loans to any person, firm, partnership, association, joint
venture, or private or public corporation to produce housing
under the provisions of this section.
(2) To purchase and to insure mortgages secured by
such housing.
(3) To finance any housing, housing rehabilitation,
or housing project authorized by this section by issuing and
selling such types of bonds as it may determine, including bonds
on which the principal and interest are payable: (i) exclusively
from the -income and revenues of the housing project financed with
the proceeds of such bonds, or with such proceeds together with a
grant from the federal government in aid of such project; (ii)
exclusively from the income and revenues of certain designated
housing projects whether or not they were financed in whole or in
part with the proceeds of such bonds; or (iii) from its revenues
generally. Any of such bonds may be secured additionally by
pledge of any revenues or a mortgage of any housing project,
projects, or other property of the Authority.
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