Ch. 625

LAWS OF MARYLAND

Code, to be used by the Department of Economic and Community
Development in accordance with that section. THE ACTUAL CASH
PROCEEDS OF THE SALE OF THE REMAINING $3,000,000 OF THE BONDS
SHALL BE PAID TO THE TREASURER AND SHALL BE FIRST APPLIED TO THE
PAYMENT OF THE EXPENSES OF ISSUING AND DELIVERING THE BONDS,
UNLESS FUNDS FOR THIS PURPOSE ARE OTHERWISE PROVIDED, AND
THEREAFTER SHALL BE CREDITED AND MAINTAINED ON THE BOOKS OF THE
STATE COMPTROLLER, TOGETHER WITH ALL (I) INTEREST EARNED AND NET
GAINS REALIZED FROM THE INVESTMENT AND REINVESTMENT THEREOF AND
(II) REPAYMENTS OF LOANS MADE WITH THE PROCEEDS OF THE BONDS, AND
EXPENDED IN ACCORDANCE WITH ARTICLE 41B, §§ 2-201 THROUGH 2-208,
FOR THE FOLLOWING PUBLIC PURPOSES, INCLUDING ANY APPLICABLE
ARCHITECTS' AND ENGINEERS' FEES: TO BE USED BY THE DEPARTMENT OF
HOUSING AND COMMUNITY DEVELOPMENT IN COOPERATION WITH LOCAL
GOVERNMENTS TO IMPLEMENT RENTAL HOUSING DEMONSTRATION PROGRAMS OR
PROJECTS THE PARTNERSHIP RENTAL HOUSING PROGRAM AS A RENTAL
HOUSING DEMONSTRATION PROGRAM IN ACCORDANCE WITH ARTICLE 41B, §
2-204(5).

(A) THE SECRETARY OF HOUSING AND COMMUNITY
DEVELOPMENT IS AUTHORIZED AND DIRECTED TO ADOPT RULES AND
REGULATIONS TO CARRY OUT THE INTENT OF THIS ACT.

(B) THE FOLLOWING TERMS HAVE THE MEANINGS INDICATED:

(1) "DEVELOPMENT COSTS" MEANS THE COSTS
INCURRED FOR THE NEW CONSTRUCTION, RECONSTRUCTION, OR SUBSTANTIAL
REHABILITATION OF PARTNERSHIP RENTAL HOUSING, INCLUDING THE COSTS
OF:

(I) NECESSARY STUDIES, SURVEYS, TESTS,
PLANS, AND SPECIFICATIONS;

(II) ARCHITECTURAL, DESIGN, ENGINEERING,
AND OTHER SPECIAL SERVICES;

(III) SITE PREPARATION; AND

(IV) INDEMNITY AND SURETY BONDS AND
PREMIUMS ON TITLE AND HAZARD INSURANCE.

(2) "LOCAL GOVERNMENT" MEANS ANY MUNICIPAL
CORPORATION IN MARYLAND SUBJECT TO THE PROVISIONS OF ARTICLE XI-E
OF THE CONSTITUTION, THE MAYOR AND CITY COUNCIL OF BALTIMORE, ANY
OF THE 23 COUNTIES IN MARYLAND, AND ANY HOUSING AUTHORITY
AUTHORIZED UNDER ARTICLE 44A.

(3) "LOWER INCOME HOUSEHOLD" MEANS A HOUSEHOLD
WHOSE GROSS ANNUAL INCOME DOES NOT EXCEED 50 PERCENT OF THE
STATEWIDE MEDIAN INCOME FOR A HOUSEHOLD OF LIKE SIZE OR SUCH
LESSER INCOME LEVEL AS MAY BE ESTABLISHED FOR ANY PARTICULAR
PROJECT BY THE SECRETARY OF HOUSING AND COMMUNITY DEVELOPMENT.

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