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Ch. 647
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LAWS OF MARYLAND
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2056
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Approved May 31, 1983.
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CHAPTER 648
(House Bill 1205)
AN ACT concerning
Maryland Housing Fund
FOR the purpose of requiring the Department of Economic and
Community Development to manage the Maryland Housing Fund in
a manner which maximizes assistance to local jurisdictions.
BY repealing and reenacting, with amendments,
Article 41 - Governor - Executive and Administrative
Departments
Section 257K
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
257K.
(a) The General Assembly declares that it is a subject of
concern that many residents of this State are living in
substandard housing and that there exists a shortage of housing
at reasonable costs for various income levels. The General
Assembly recognizes that adequate multiple unit and single family
housing can, and should, be provided by private capital under our
free enterprise system and in accordance with sound investment
practices. The General Assembly finds that the flow of private
investment capital into such housing can be stimulated by a
system wherein qualified lending institutions may be insured
against losses incurred as a result of nonpayment of principal,
interest, or other sums agreed to be paid under the terms of any
note or bond or other evidence of indebtedness. The General
Assembly further finds that such mortgage insurance can assist
State and local activity to finance housing and rehabilitation.
The General Assembly finds and declares that it is in the public
interest of the citizens of this State to reduce the consumption
of energy and to increase the utilization of solar energy by
promoting energy conservation projects and solar energy projects.
The General Assembly finds, as a consequence thereof, this goal
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