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2057
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HARRY HUGHES, Governor
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can be assisted by the provision of insurance for loans made by
qualified lending institutions for, or bonds or notes issued to
finance, the energy conservation and solar energy projects. For
the purposes of this section, the terms "energy conservation
project" and "solar energy project" have the meanings stated
under § 266DD-3 of Article 41. In furtherance of such State
interest, there is established a Maryland Housing Fund.
(b) The Department of Economic and Community Development
shall manage and supervise the Maryland Housing Fund. The fund
shall be deposited with the State Treasurer to be held in such
banks as he deems proper and shall be accounted for by the State
Comptroller in a special account known as the "Maryland Housing
Fund". The fund shall be invested and reinvested in the same
manner as other State funds. The funds shall be used to insure
mortgages accepted by the Department under the provisions of
this subheading, or to insure bonds or notes issued to finance
any project that is eligible for insurance under the provisions
of this section. THE FUND SHALL BE MANAGED IN A MANNER WHICH
MAXIMIZES ASSISTANCE TO LOCAL JURISDICTIONS IN INSURING MORTGAGES
UNDER THE PROVISIONS OF THIS SECTION.
(c) The Department may insure upon such terms as it may
prescribe any mortgage offered or any bonds or notes issued which
are eligible for insurance under the provisions of this section.
For the purposes of this section, the term "mortgage" includes
loans to finance or refinance the purchase of stock or membership
or to rehabilitate units in a cooperative ownership housing
corporation. Fees shall be established for said insurance in an
amount calculated to cover administrative costs for this program
as well as payments made where defaults on mortgages, bonds or
notes cause insured losses to the lenders, bondholders or
noteholders. For any property acquired by the Department through
foreclosure or pursuant to any other payment in settlement for a
claim for loss, the department may make a mortgage loan to assist
in the disposition of the property.
(d) The Department shall promulgate such standards for the
eligibility of insurance as are reasonable to provide that the
insurance shall aid in the financing of (1) the purchase,
construction, or rehabilitation as defined in § 257L(b)(5) of
Article 41, of housing; or (2) energy conservation projects and
solar energy projects. These standards shall also assure that
the mortgagee is responsible and able to service the mortgage
properly.
(e) The Department shall promulgate such rules as are
necessary to carry out. the purpose of this subheading.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 31, 1983.
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