2004 LAWS OF MARYLAND

or renovate primary residences and, 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.

Preamble

WHEREAS, The devastation caused by Hurricane Isabel in September 2003
impacted communities across the State; and

WHEREAS, The cost to date of repairing the property damage exacted by
Hurricane Isabel has totaled in the tens of millions of dollars; and

WHEREAS, The temporary housing and home repair funds that are provided by
existing State and federal emergency assistance programs, as well as private
insurance, are either of limited duration or leave substantial needs unmet for many
victims of Hurricane Isabel; and

WHEREAS, While most areas in the State that were hit hard by Hurricane
Isabel are now well on their way to recovery, several communities are still struggling;
and

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Ch. 8