Ch. 632

LAWS OF MARYLAND

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.

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

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