Maryland Code, Housing and Community Development § 16-208
Current as of December 31, 2021 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) On request of the Montgomery Commission, the county may allocate by local law a part of the total guarantee authorized by this subtitle in an amount that the local law determines.
(b)(1) Without further approval by the County Council, the County Executive may approve by executive order the use of all or part of the allocation authorized under subsection (a) of this section as a bond guarantee.
(2) The Montgomery Commission may then issue bonds guaranteed by as much of the allocation as the County Executive has approved as a bond guarantee, and the proceeds of the bonds shall be used to:
(i) finance wholly or partly mortgage loans secured by housing; and
(ii) fund related reserves and costs approved under this subtitle.
Cite this article: FindLaw.com - Maryland Code, Housing and Community Development § 16-208 - last updated December 31, 2021 | https://codes.findlaw.com/md/housing-and-community-development/md-code-hous-and-cmty-dev-sect-16-208.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?