HARRY HUGHES, Governor

3059

FOR the purpose of establishing within the Community Development
Administration of the Department of Economic and Community
Development the Elderly Rental Housing Program; defining
terms; providing for the powers and duties of the Community
Development Administration subject to the program; providing
for the establishment of the Elderly Rental Housing Fund;
providing that the fund be used to finance certain deferred
payment loans, subordinate to other financing; providing
criteria for approval of applications for loans; providing
for the issuance of regulations; and generally relating to
an Elderly Rental Housing Program.

BY adding to

Article - Financial Institutions

Section 13-401 through 13-410, inclusive, to be under the

new subtitle "Subtitle 4. Elderly Rental Housing

Program"
Annotated Code of Maryland
(1980 Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

SUBTITLE 4. ELDERLY RENTAL HOUSING PROGRAM

13-401.

(A)   IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B)   "ADMINISTRATION" MEANS THE COMMUNITY DEVELOPMENT
ADMINISTRATION OF THE DEPARTMENT OF ECONOMIC AND COMMUNITY
DEVELOPMENT.

(C)   "APPLICANT" MEANS PRIVATE OR NONPROFIT SPONSORS,
COUNTIES, MUNICIPALITIES, OR LOCAL HOUSING AGENCIES ESTABLISHED
UNDER ARTICLE 44A OF THE CODE.

(D)   "FUND" MEANS THE ELDERLY RENTAL HOUSING FUND.

(E)   "PROGRAM" MEANS THE ELDERLY RENTAL HOUSING PROGRAM.
13-402.

THE PURPOSE OF THE PROGRAM IS TO:

(A)   STIMULATE THE PRODUCTION OF RENTAL HOUSING IN THIS
STATE FOR OCCUPANCY BY ELDERLY HOUSEHOLDS;

(B)   INCREASE THE SUPPLY OF DECENT, SAFE, AND SANITARY
RENTAL HOUSING AT COSTS THAT ARE AFFORDABLE TO LOW INCOME ELDERLY
HOUSEHOLDS IN THIS STATE;