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595
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HARRY HUGHES, Governor
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266DD-4.
The Administration shall have the following functions and
responsibilities:
(13) In accordance with the provisions of § 266DD-5,
make, PURCHASE, and participate in making mortgage loans for any
community development project, secured by a mortgage lien,
including temporary loans or advances, permanent direct mortgage
loans to families for the purchase of dwelling units in a
community development project, and undertake commitments
therefor. In this subtitle, "mortgage loans" includes loans to
finance or refinance purchases of stock or membership or to
rehabilitate units in a cooperative ownership housing
corporation. Any commitment, mortgage or bonds or notes secured
shall contain terms and conditions necessary to secure repayment
of its loan, the interest thereon and other charges in connection
with the loan. Mortgage loans for a community development project
may bear interest at any rate or rates which the Administration
determines will make the community development project
economically feasible, except that the Administration may not
increase the rate of interest originally charged on a permanent
direct mortgage loan to a family for the purchase of a dwelling
unit in a community development project. However, the interest
rate or rates and other terms of mortgage loans [made] FINANCED
from the proceeds of bonds or notes shall be at least sufficient
to assure the payment in full of the bonds or notes and the
interest thereon as they become due, except as otherwise provided
in a trust agreement, in the case of mortgage loans to a
municipality, county, local public agency or local development
corporation or nonprofit entity where other revenues are
available to assure payment of the bonds or notes. Subject to the
provisions of any contract with noteholders or bondholders,
consent to the modification, with respect to rate of interest,
time of payments of any installment of principal or interest,
security, or any other term, of any mortgage, mortgage loan,
mortgage loan commitment, contract or agreement of any kind to
which the Administration is a party. In connection with any
property on which it [has made] HOLDS a mortgage loan, to
foreclose on the property or commence any action to protect or
enforce any right conferred upon it by any law, mortgage contract
or other agreement, and to bid for and purchase the property at
any foreclosure or at any other sale, or acquire or take
possession of the property; and in the event the Administration
may complete, administer, pay the principal of and interest on
any obligations incurred in connection with the property, dispose
of, and otherwise deal with the property, in a manner as may be
necessary or desirable to protect the interests of the
Administration. Any lien held by the Administration on property
shall be a lien superior to all other liens on the property
except liens for taxes owed to the State of Maryland or any
subdivision thereof and earlier mortgage liens. The
Administration may sell any mortgage or other obligation held by
it, at public or private sale, with or without public bidding.
The Administration may purchase securities backed by mortgage
loans for community development projects.
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