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Ch. 651
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LAWS OF MARYLAND
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2080
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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, CALVERT, HARFORD; HOWARD, 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 housing, preserving established
neighborhoods, and maintaining a sound tax base.
(2) A large number of county residents have been and
will be subject to hardship in finding decent, safe, and sanitary
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