HARRY HUGHES, Governor                                      3005

Approved May 27, 1986.

CHAPTER 783

(House Bill 1313)

AN ACT concerning

Housing - Community Development Administration -
Reverse Equity Mortgage Loans

FOR the purpose of authorizing the Community Development
Administration of the Department of Economic and Community
Development to make, purchase, and participate in making
reverse equity mortgage loans for elderly families of
limited income under certain circumstances; defining a
certain term; and generally relating to reverse equity
mortgage loans in the Community Development Administration.

BY repealing and reenacting, with amendments,

Article 41 - Governor - Executive and Administrative

Departments
Section 266DD-4(13)
Annotated Code of Maryland
(1982 Replacement Volume and 1985 Supplement)

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

266DD-4.

The Administration shall have the following functions and
responsibilities:

(13) (A) In accordance with the provisions of §
266DD-5[, make]:

(I) MAKE, purchase, and participate in
making:

1. [mortgage] MORTGAGE loans for any
community development project, secured by a mortgage lien,
including temporary loans or advances and permanent direct
mortgage loans to families of limited incomes for the purchase of
dwelling units in a community development project[,]; AND