ROBERT L. EHRLICH, JR., Governor

Ch. 8

(6) The amount of financial assistance a borrower may receive under the
buy-down program may be adjusted, at the discretion of the Department, based on
the income of the borrower.

(f) (g) The Department shall continue to explore and expand opportunities
to provide reverse equity mortgages to those families who may choose to use this
method of financing home rehabilitation and renovation projects, particularly those
families whose homes were damaged by Hurricane Isabel.

SECTION 2. AND BE IT FURTHER ENACTED, That the Department of
Housing and Community Development shall issue to the General Assembly, in
accordance with § 2-1246 of the State Government Article, a preliminary report on or
before September 30, 2004 and a final report on or before September 30, 2005 on the
implementation of this Act. The reports shall include:

(a)     with reference to loans provided by the Department, the amounts of the
loans and the borrowers' counties of residence;

(b)     with reference to loans obtained in the private market for which the
Department provided credit enhancements, the amounts of the credit enhancements,
the borrowers' counties of residence, the names of the financial institutions that
provided the loans, and the amounts of the loans; and

(c)     with reference to other financial assistance provided, including financial
assistance provided under the buy-down program, the amounts and sources of the
financial assistance and the borrowers' counties of residence.

SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act is an
emergency measure, is necessary for the immediate preservation of the public health
or safety, 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. It Section 1 of this Act shall remain effective
through May 31, 2005 and, at the end of May 31, 2005, with no further action
required by the General Assembly, Section 1 of this Act shall be abrogated and of no
further force and effect.

Approved March 29, 2004.

CHAPTER 8
(House Bill 3)

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

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