WILLIAM DONALD SCHAEFER, Governor Ch. 632

ACQUIRING by grant, gift, purchase or otherwise, subject to the
provisions of subsection (7) hereof, real property which is not
open, predominantly open or undeveloped land, personal property
or mixed property and owning, managing, operating, holding,
clearing, improving, constructing and rehabilitating, and
selling, assigning, exchanging, transferring, conveying, leasing,
mortgaging, or otherwise disposing of or encumbering the same and
taking assignments of rentals and leases for same or any
combination of the foregoing; (d) arranging or contracting with
any municipality [or], county, OR PRIVATE PARTY for the planning,
replanning, zoning or rezoning, opening, grading or closing of
streets, roads, roadways, alleys or other places, or for the
furnishing of facilities or for the acquisition by a municipality
OR COUNTY of property or property rights or for the furnishing of
property or services in connection with a community development
OR PUBLIC PURPOSE PROJECT; and (e) expending any funds of the
Administration for any undertaking which has been approved by the
Secretary of Economic and Community Development.

(8) Provide advisory, consultative, training and
educational services, technical assistance, and grant and loan
funds therefor and for any development cost to any municipality,
county, local [public] DEVELOPMENT agency [or], local development
corporation, OR NONPROFIT ORGANIZATION in order to carry out the
community development purposes of this subheading.

(13) (i) In accordance with the provisions of §
11-305:

1.  Make, purchase, and participate in
making:

A.  Mortgage loans OR OTHERWISE PROVIDE
FINANCIAL ASSISTANCE for any community development project OR
PUBLIC PURPOSE 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 OR PUBLIC PURPOSE PROJECT; and

B.  Reverse equity mortgage loans for
elderly families of limited income that are secured by a mortgage
lien for housing related expenses, including personal expenses
which enable the owner to continue to occupy the owner's home;
and

2.  Undertake commitments therefor.

(ii) In this subtitle:

1. "Mortgage loans" includes loans to
finance or refinance purchases of stock or membership or to
rehabilitate units in a cooperative ownership housing
corporation; and

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