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§ 3-202. Findings

West's Annotated Code of MarylandHousing and Community DevelopmentEffective: July 1, 2016

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division I. Housing and Community Programs [Titles 1-11] (Refs & Annos)
Title 3. Division of Credit Assurance (Refs & Annos)
Subtitle 2. Maryland Housing Fund (Refs & Annos)
Effective: July 1, 2016
MD Code, Housing & Community Development, § 3-202
§ 3-202. Findings
Currentness
Businesses and housing
(a)(1) The General Assembly finds that:
(i) the flow of private investment capital into businesses and adequate housing can be stimulated by a system insuring qualified lending institutions against losses resulting from nonpayment of money owed under the terms of a note, bond, or other evidence of indebtedness; and
(ii) the insurance can help State and local activity to finance businesses, housing, and rehabilitation.
(2) The General Assembly also finds that adequate housing can and should be provided by private capital under our free enterprise system and in accordance with sound investment practices.
(3) The General Assembly finds as a subject of concern that:
(i) many residents of the State are living in substandard housing; and
(ii) there is a shortage of housing at reasonable costs for various income levels.
Energy
(b) The General Assembly finds that it is in the public interest to promote energy conservation projects and solar energy projects by providing insurance for:
(1) loans made by qualified lending institutions; and
(2) bonds or notes issued to finance the projects.
Sale of pooled mortgages or securities
(c) The General Assembly finds that the sale of pooled mortgages or securities backed by mortgages to private or public investors, including public and private pension funds, is in the public interest and could increase the investment capital available to make mortgage loans to:
(1) acquire, construct, and rehabilitate housing; and
(2) acquire, operate, construct, and rehabilitate businesses.
Public purpose and infrastructure projects
(d)(1) In this subsection, “distressed area” has the meaning stated in § 4-201 of this article.
(2) The General Assembly finds that it is in the public interest to encourage the financing of, and otherwise to support, the planning, acquisition, development, construction, reconstruction, rehabilitation, repair, renovation, and other improvement of:
(i) public purpose projects in distressed areas in the State; and
(ii) infrastructure projects.
Loans, bonds, notes, mortgages, or other credit enhancements
(e) The General Assembly finds that the flow of public and private capital to support the activities specified in this section will be encouraged and expanded by:
(1) insuring:
(i) loans made by qualified lending institutions;
(ii) bonds or notes issued by qualified issuers; and
(iii) obligations backed by mortgages; and
(2) providing other credit enhancements.

Credits

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2016, c. 482, § 2, eff. July 1, 2016.
MD Code, Housing & Community Development, § 3-202, MD HOUS & CMTY DEV § 3-202
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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