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1995
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HARRY HUGHES, Governor
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BY repealing and reenacting, with amendments,
Article 41 - Governor - Executive and Administrative
Departments
Section 266(a)(1), (2), and (3) and (c)(2)
Annotated Code of Maryland
(1982 Replacement Volume)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 41 - Governor - Executive and Administrative
Departments
266.
(a) The following legislative findings are made.
(1) As a result of the continuing increases in: the
cost of construction or rehabilitation, county taxes, heating and
electricity expenses, maintenance and repair expenses, inflation,
the cost of land, the cost of energy conservation measures, and
the levels of borrowing costs, including interest, low and
moderate income persons and families in many areas within
Allegany, Anne Arundel, FREDERICK, Kent, Washington, and
Worcester counties, including areas which contain presently
stable neighborhoods and middle class residential housing, are
unable to purchase, rehabilitate, and maintain decent, safe, and
sanitary housing which provides an opportunity for home ownership
either directly or through a condominium or cooperative form of
ownership. The inability of families to purchase and hold
housing in the counties results in the decline of new housing and
in the decay of existing housing and of existing neighborhoods
with attendant increases in costs for welfare, police and fire
protection. The decline in new housing construction, together
with the decay of existing housing, has produced a critical
shortage of adequate housing in the counties adversely affecting
the economy of the counties and the well-being of their
residents. Private enterprise without the assistance of the
residential mortgage program contemplated by this section cannot
achieve the construction or rehabilitation of adequate housing
for persons and families of low or moderate income. The
alternative of forcing families to live in substandard housing is
undesirable since it tends to decrease the interest of families
in their communities, the maintenance of their property, and the
preservation of their neighborhoods. The counties have a basic
public interest in providing a supplemental source of
single-family residential mortgage funds at a cost lower to the
borrower than otherwise prevailing for residential mortgages for
low and moderate income persons and families and a basic interest
in stimulating a steady flow of funds for residential housing for
low and moderate income persons and families and for low and
middle class residential housing in order to assist in
maintaining a well-balanced society, maintaining existing
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