Ch. 598                                    LAWS OF MARYLAND

9.  "Qualified mortgage bond" means an
obligation that meets the definition of "qualified mortgage bond"
set forth in Section 103A(c)(l) of the Code.

10.   "Secretary" means the Secretary of
Economic and Community Development.

11.  "Single-family residence" includes a
single-family home, townhouse, condominium unit, or individual
unit share in a cooperative housing corporation.

12.  "State ceiling" means, for any
calendar year, the "State ceiling" for the State for such year,
as determined under Section 103A(g)(4) of the Code.

(ii) Subject to the provisions of subparagraph
(iii) of this section, 100 percent of the State ceiling for every
year for which Congress authorizes the issuance of qualified
mortgage bonds shall be allocated to the Administration.

(iii) 1. The Secretary shall determine the
proportionate share of the State ceiling for each county. Each
proportionate share shall be the fraction obtained by dividing
the sum of the prices for all eligible sales in the county by the
sum of the prices for all eligible sales in the State. For
purposes of this paragraph, "eligible sales" means sales,
recorded during the 12 month period used by the Secretary in
establishing the average area purchase price, of single-family
residences, the purchase price of which do not exceed 90 percent
of the average area purchase price as determined by the
Secretary. The Secretary's determination may be based on a
reasonable approximation and shall be conclusive for purposes of
determining these proportionate shares.

2.  If two or more eligible local issuers
have overlapping jurisdictions, then the Secretary shall
determine how the proportionate share for each affected county
will be allocated among these issuers. If the only eligible
issuers in a county do not have countywide jurisdiction, the
Secretary shall determine the portion of that county's
proportionate share available for allocation to these eligible
local issuers.

3.  Before November 1 of each year, the
Secretary shall cause these determinations to be published in the
Maryland Register. Before December 1 of each year, the Secretary
shall publish in the Maryland Register, a report containing the
guidelines under which that portion of the State ceiling not
apportioned among the counties pursuant to this paragraph shall
be administered.

4.  As early as practicable in each
calendar year the Secretary shall compute the amount of the State

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