WILLIAM DONALD SCHAEFER, Governor                   Ch. 632

pursuant to federal law, including without limitation Title V of
the Energy Security Act (P.L. 96-294); bonds or notes issued by
the Administration [pursuant to this subheading]; [or] any bonds
or notes issued by the State of Maryland; OR MORTGAGE-BACKED
SECURITIES OR PROCEEDS OF INVESTMENT IN SUCH SECURITIES. Any
loan for a home improvement project having a principal balance in
excess of $5,000 shall be secured by a mortgage. 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 loan, loan commitment,
contract or agreement of any kind to which the Administration is
a party. In connection with any property on which the
Administration holds a MORTGAGE loan, the Administration is
authorized to 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
and take possession of the property; and in either 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,
including the sale of such obligations and commitments to the
solar energy and energy conservation bank pursuant to Title V of
the Energy Security Act, P.L. 96-294.

[(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

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