§ 4-234

Maryland § 4-234

• Jurisdiction: Maryland
• Article ghs: Housing and Community Development
• Title: 4

Text

(a) In this section, “government–sponsored enterprise” means the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank, or other agency or instrumentality of or chartered by the federal government that has similar powers.

(b) (1) To finance community development projects, public purpose projects, or residential mortgage loans, the Administration may purchase or issue securities that are backed by mortgage loans and guaranteed by the Government National Mortgage Association or a government–sponsored enterprise.

(2) To finance business projects, the Administration may purchase or issue securities that are backed by loans or other obligations.

(c) (1) Notwithstanding inconsistent provisions of this subtitle relating to bonds or notes that the Administration purchases or issues, the issuance, terms, and conditions of a security that the Administration issues under this section may be as the Administration finds necessary or desirable for guaranty by:

(i) the Government National Mortgage Association or a government–sponsored enterprise, for projects or loans described under subsection (b)(1) of this section; or

(ii) the Maryland Housing Fund, a private entity, or a government–sponsored enterprise, for projects described under subsection (b)(2) of this section.

(2) Except as provided by paragraph (1) of this subsection, the provisions of this subtitle that relate to bonds or notes issued by the Administration apply to securities purchased or issued under this section.