Ch. 7                                       2004 LAWS OF MARYLAND

has been passed by a yea and nay vote supported by three-fifths of all the members
elected to each of the two Houses of the General Assembly, and shall take effect from
the date it is enacted.

Enacted March 5, 2004.

CHAPTER 7
(Senate Bill 415)

AN ACT concerning

Hurricane Isabel Disaster Relief Act

FOR the purpose of establishing the Hurricane Isabel Housing Rehabilitation and
Renovation Program in the Department of Housing and Community
Development; providing that the Program shall include projects in which the
Department grants provides loans or serves as guarantor of loans to rehabilitate
or renovate primary residences, credit enhancements for private market loans to
rehabilitate, renovate, or replace primary residences, and financial assistance
under a certain buy-down program under certain circumstances; requiring the
Secretary to adopt guidelines and procedures for implementing the Program;
requiring the Department to make all reasonable efforts to publicize the
Program under certain circumstances; specifying the programs and funds that
the Department may utilize to grant provide loans or serve as guarantor credit
enhancement of private market loans under the Program; imposing certain
requirements for conditions on the terms and conditions provisions of certain
loans granted provided by the Department under the Program; authorizing the
Department to require local governments and applicants for certain loans to
demonstrate contribution or receipt of certain resources under certain
circumstances; authorizing the Department to establish priorities for making
loans under certain circumstances; imposing certain requirements for the terms
and conditions under which the Department may serve as guarantor of provide
credit enhancement for private market loans under the Program; requiring the
Department to approve and make available to prospective borrowers a list of
certain financial institutions; prohibiting the Department from charging a
premium or administrative fee for providing credit enhancement for private
market loans under certain circumstances; authorizing the Department to
establish a certain buy-down program under certain circumstances; authorizing
the Department to set the terms and conditions for financial assistance under
the buy-down program; prohibiting certain provisions concerning eligibility
requirements for or restrictions on the receipt of certain financial assistance
from applying under certain circumstances; requiring the Department to
continue to explore and expand opportunities to provide reverse equity
mortgages under certain circumstances; requiring the Department to issue
certain reports to the General Assembly on or before certain dates; making this
Act an emergency measure; providing for the termination of certain provisions
of this Act; and generally relating to the Hurricane Isabel Disaster Relief Act.

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