§ (51). Residential mortgage loan program.

(a) In general.

To develop a residential mortgage loan program in Baltimore City to serve a public purpose and need which is expressly found and determined to be the development and perpetuation of readily available sources of money at low and moderate cost for residential mortgage loans within Baltimore City which purpose is essential

(1) to preserve a healthy and viable economy within Baltimore City,

(2) to encourage and facilitate the creation or maintenance of a healthy and ready market for residential real estate in Baltimore City including (without limitation) the ready sale and purchase of existing residential real estate and the purchase, acquisition, construction, erection or development of buildings or structures for residential purposes, including any land necessary therefor, within the boundaries of Baltimore City,

(3) to encourage and facilitate the purchase of such residential real property in order to maintain and encourage growth in real property assessments in Baltimore City, and

(4) to preserve the public health, safety and welfare of the residents of Baltimore City by enabling residents of Baltimore City of all income levels to finance readily their housing needs in Baltimore City, thus discouraging the proliferation of vacant and substandard housing in Baltimore City and retarding or reversing the movement of financially self-sufficient taxpayers to surrounding subdivisions; and

(b) Loan acquisitions.

To purchase or contract to purchase or otherwise acquire mortgage loans

(1) bearing interest rates below those generally prevailing (at the time of purchase or contract to purchase) in the private mortgage market (to the extent such a market exists at that time) for loans of comparable quality and term in Baltimore City and

(2) having whatever other terms and characteristics as may be determined by the Mayor and City Council of Baltimore to be appropriate or necessary to accomplish the public purpose set forth in paragraph (a) of this subsection which terms shall require, to the extent deemed practicable by the Mayor and City Council of Baltimore, that the residences securing such mortgage loans be owner occupied;

Without in any way limiting the generality of any other provisions of the Charter of the Mayor and City Council of Baltimore, to borrow money by the issuance of its revenue bonds and limited obligations pursuant to Article II, subsection (50), of this Charter in order to obtain the moneys necessary to effect the residential mortgage loan program hereby authorized.