2946

LAWS OF MARYLAND

Ch. 774

pledge of any revenues or a mortgage of any housing project,
projects, or other property of the Authority; AND

(4) TO MAKE OR PURCHASE MORTGAGE LOANS TO ASSIST
FIRST-TIME HOME BUYERS TO PURCHASE EXISTING HOMES, IF:

(I)  THE FIRST-TIME HOME BUYERS:

1.  ARE RESIDENTS OF THE COUNTY;

2.  QUALIFY BASED ON INCOME LIMITS
ESTABLISHED BY THE HOUSING AUTHORITY WITH THE APPROVAL OF THE
COUNTY GOVERNING BODY; AND

3.  ARE BUYING HOUSING DETERMINED TO BE
DECENT, SAFE, AND ADEQUATE ACCORDING TO STANDARDS ADOPTED BY THE
HOUSING AUTHORITY;

(II)  IN AT LEAST 50 PERCENT OF THE CASES IN ANY
YEAR THE SELLER OF THE EXISTING HOME HAS ENTERED INTO A SALES
CONTRACT TO PURCHASE ANOTHER HOME IN THE COUNTY, CONTINGENT UPON
THE SALE OF THE EXISTING HOME; AND

(III)  THE HOUSING AUTHORITY DETERMINES THAT
INCOME FROM THE ASSISTANCE PROGRAM WILL BE SUFFICIENT TO COVER
THE COSTS OF THE PROGRAM.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.

Approved May 27, 1986.

CHAPTER 774

(House Bill 1159)

AN ACT concerning

Prince George's County - Hotel and Motel Tax -

Municipal Corporations

PG 415A-86

FOR the purpose of amending the provisions of the Code of Public
Local Laws of Prince George's County that relate to the
authority of the County to impose a certain hotel and motel
tax by requiring authorizing the County to collect revenues
that are generated from the tax within certain municipal
boundaries and to distribute a certain portion of the
revenues to the municipal corporations within which the
revenues were generated.