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WILLIAM DONALD SCHAEFER, Governor Ch. 598
SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:
Article 41 - Governor - Executive and
Administrative Departments
11-304.
The Administration shall have the following functions and
responsibilities:
[(17) (i) 1. The following words have the meanings
indicated.
2. "Administration" means the Community
Development Administration, a division of the Maryland Department
of Economic and Community Development.
3. "Allocation share" means the amount
determined by multiplying one-half of the State ceiling times the
proportionate share determined in accordance with paragraph (iii)
of this subsection.
4. "Average area purchase price" means
the average purchase price of single-family residences which were
purchased during the most recent 12 month period for which
sufficient statistical information is available as determined by
the Secretary, in a standard metropolitan statistical area or, in
any county which is not within a standard metropolitan
statistical area, in the county. If in the judgment of the
Secretary this average cannot be determined for a county then the
average area purchase price for that county shall be the average
purchase price for the State.
5. "Code" means the United States
Internal Revenue Code of 1954, as from time to time in effect.
6. "County" means any county of the State
and Baltimore City.
7. "Eligible local issuer" means, for any
calendar year, a political subdivision or municipal corporation
of the State, including any housing authority established under
Article 44A, that as of the first day of that year, has legal
authority, as determined by the Secretary in consultation with
the Attorney General of the State, to issue qualified mortgage
bonds.
8. "Eligible State issuer" means for any
calendar year, the State or any division or agency of the State
that has legal authority, as determined by the Secretary in
consultation with the Attorney General of the State, to issue
qualified mortgage bonds.
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