Ch. 632

LAWS OF MARYLAND

2. "Reverse equity mortgage loans"
includes loans that use the equity in a home as collateral.

(iii) Any commitment, mortgage or bonds or
notes secured shall contain terms and conditions necessary to
secure repayment of its loan, the interest thereon and other
charges in connection with the loan. Mortgage loans for a
community development project OR A PUBLIC PURPOSE PROJECT and
reverse equity mortgage loans may bear interest at any rate or
rates which the Administration" determines will make [the
community development project] SUCH PROJECTS economically
feasible, except that the Administration may not increase the
rate of interest originally charged on a permanent direct
mortgage loan to a family for the purchase of a dwelling unit in
a community development project OR PUBLIC PURPOSE PROJECT.
Subject to the provisions of any contract with noteholders or
bondholders, consent to the modification, with respect to rate of
interest, time of payments of any installment of principal or
interest, security, or any other term, of any mortgage, mortgage
loan, reverse equity mortgage loan mortgage loan commitment,
reverse equity mortgage loan commitment contract or agreement of
any kind to which the Administration is a party. In connection
with any property on which it holds a mortgage loan[,] OR reverse
equity mortgage loan [to] THE ADMINISTRATION MAY foreclose on the
property or commence any action to protect or enforce any right
conferred upon it by any law, mortgage contract or other
agreement, and [to] bid for and purchase the property at any
foreclosure or at any other sale, or acquire or take possession
of the property; and in [the] ANY event the Administration may
complete, administer, pay the principal of and interest on any
obligations incurred in connection with the property, dispose of,
and otherwise deal with the property, in a manner as may be
necessary or desirable to protect the interests of the
Administration. [Any] EXCEPT FOR LIENS HELD IN CONNECTION WITH
PUBLIC PURPOSE PROJECTS, ANY lien held by the Administration on
property shall be a lien superior to all other liens on the
property except liens for taxes owed to the State of Maryland or
any subdivision thereof and earlier mortgage liens. The
Administration may sell any mortgage or other obligation held by
it, at public or private sale, with or without public bidding.
The Administration may purchase securities backed by mortgage
loans [for] IN ORDER TO PROVIDE FINANCIAL ASSISTANCE, WITH THE
PROCEEDS OF SUCH MORTGAGE-BACKED SECURITIES OR WITH INVESTMENT
EARNINGS ON SUCH SECURITIES, TO community development projects
AND PUBLIC PURPOSE PROJECTS.

(16) (i) Administer a program of financial assistance
for COMMUNITY DEVELOPMENT PROJECTS, PUBLIC PURPOSE PROJECTS, home
improvement projects, energy conservation projects and solar
energy projects. Financial assistance shall be provided with
funds and other moneys made available to the Administration for
such projects from sources including, but not limited to:
payments of financial assistance made to the Administration

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