(a)      It is found and declared that there exists within Prince George's County (1) a shortage of decent, safe, and adequate housing and continuing care facilities for the elderly, and (2) a number of economically depressed areas and housing in need of rehabilitation. As a result, county residents are forced to occupy overcrowded, congested, and deteriorated housing and live in depressed neighborhoods, and many elderly citizens are forced to remain in housing which is ill-suited for their current needs and abilities. These conditions necessitate excessive and disproportionate expenditures of public funds for public health, safety and welfare protection, and other public services and facilities. The operations of continuing care facilities absorb costs of health, safety, and social services of the residents of those facilities while adding to the available housing stock of the county. The shortage of decent, safe, and adequate housing and continuing care facilities, and the revitalization of depressed neighborhoods and rehabilitation of housing cannot be relieved wholly through the operation of private enterprise. The construction and rehabilitation of housing including continuing care facilities for Prince George's County residents, and the acquisition and expenditure of public funds to produce such housing, therefore, are not competitive with private enterprise. A need exists for mortgage credit to be made available for new housing construction and for rehabilitating existing housing because many purchasers and owners of housing are unable to afford mortgage credit at the market rate of interest or obtain mortgage credit because the mortgage credit market is severely restricted. A need exists for the acquisition and construction of continuing care facilities at the least cost to the users of those facilities. A need exists for the construction and rehabilitation of such housing and continuing care facilities and the expenditure of public resources and assistance meet the needs and are in the public interest. In addition, there are many families living in existing housing which, while decent and safe, is inadequate for the size of the family. Some of those families could afford to purchase new housing if their existing home could be sold to smaller families for whom the home would be more adequate. In many cases, prospective purchasers of these existing homes would be first-time buyers, who find it difficult or impossible to afford newly constructed housing because they do not have an equity interest in their present housing to aid in the financing of a home purchase. It is, therefore, in the public interest to assist first-time home buyers to acquire existing housing as well as newly constructed or rehabilitated housing. Such assistance will directly assist nonhomeowners to acquire housing and homeowners to acquire more adequate housing, and will stimulate the private sector production of new housing. Accordingly, the provisions of this section are declared as a matter of legislative determination to create a sound housing stock, contribute towards a balanced economy, promote the health, welfare and safety of the residents, and therefore be valid public purposes.

      (b)      (1)      In Prince George's County, the public body corporate and politic established under this article shall be known as the Housing Authority of Prince George's County and shall have 7 Commissioners appointed and exercising the powers and duties as set forth in this article.

            (2)      The County Executive, with the approval of the County Council, shall appoint and may remove the Commissioners of the Housing Authority. The County Executive shall designate which of the Commissioners appointed shall be the Chairman of the Housing Authority.

            (3)      Prior to confirmation of each appointment to the Housing Authority, the County Council shall hold a public hearing on the County Executive's nominations for appointment to the Housing Authority.

            (4)      (i)      The Commissioners are appointed for a term of office of 5 years. The terms of the members are staggered as required by the terms of the members serving on July 1, 1983.

                  (ii)      A member appointed to fill a vacancy in an unexpired term or to succeed a member who is holding over serves only for the remainder of that term.

                  (iii)      A member serves until his successor is appointed and qualifies.

      (c)      The Housing Authority of Prince George's County shall constitute a public body corporate and politic, exercising public and essential governmental functions, and having all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this article. In addition to the powers enumerated in this article, the Housing Authority is authorized to:

            (1)      Exercise all or any part or combination of such powers to provide housing, housing rehabilitation, housing projects, integrally related commercial structures, and the financing of such housing for county residents;

            (2)      Exercise other functions and responsibilities required by the county, including community development; and

            (3)      Acquire and expend public funds for such purposes; provided, however, that the exercise of all powers of the Housing Authority is pursuant to and in accordance with local law enacted by Prince George's County or a contract or contracts with Prince George's County.

      (d)      As required by the county, the Housing Authority of Prince George's County shall issue an annual financial report for the previous fiscal year based on a certified audit.

      (e)      Prince George's County by local law may require the Housing Authority of Prince George's County to comply with budgetary, financial, personnel, and ethics procedures of the county.

      (f)      With the approval of the county governing body, the Housing Authority of Prince George's County within its area of operation also has the following powers:

            (1)      To make construction loans and long-term mortgage loans to any person, firm, partnership, association, joint venture, or private or public corporation to produce housing under the provisions of this section;

            (2)      To purchase and to insure mortgages secured by such housing;

            (3)      To finance any housing, housing rehabilitation, housing project, or continuing care facility authorized by this section by issuing and selling such types of bonds as it may determine, including bonds on which the principal and interest are payable:

                  (i)      Exclusively from the income and revenues of the housing project or continuing care facility financed with the proceeds of such bonds, or with such proceeds together with a grant from the federal government in aid of such projects;

                  (ii)      Exclusively from the income and revenues of certain designated housing projects whether or not they were financed in whole or in part with the proceeds of such bonds; or

                  (iii)      From its revenues generally. Any of such bonds may be secured additionally by pledge of any revenues or a mortgage of any housing project, projects, or other property of the Authority; and

            (4)      To make or purchase mortgage loans to assist first-time home buyers to purchase existing homes, if:

                  (i)      The first-time home buyers:

                        1.      Are residents of the county;

                        2.      Qualify based on income limits established by the Housing Authority with the approval of the county governing body; and

                        3.      Are buying housing determined to be decent, safe, and adequate according to standards adopted by the Housing Authority; and

                  (ii)      The Housing Authority determines that income from the assistance program will be sufficient to cover the costs of the program.

      (g)      (1)      In addition to the powers enumerated in this article, the Authority may exercise its powers as granted by this article irrespective of the fact that such activities may displace or limit economic competition.

            (2)      The powers granted to the Authority pursuant to paragraph (1) of this subsection may not be construed:

                  (i)      To grant to the Authority powers in any substantive area not otherwise granted to the Authority by other public general or public local law;

                  (ii)      To restrict the Authority from exercising any power granted to the Authority by other public general or public local law or otherwise;

                  (iii)      To authorize the Authority or its officer to engage in any activity which is beyond their power under other public general law, public local law, or otherwise; or

                  (iv)      To preempt or supersede the regulatory authority of any State department or agency under any public general law.

      (h)      (1)      For purposes of this section, the phrase "housing, housing rehabilitation, or housing project" means any undertaking or project, or portion thereof, including lands, buildings and improvements, real, mixed and personal properties, or interest therein that is planned, acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved for purposes of providing dwelling accommodations, and such streets, roads, sewer and waterlines, and other supporting public and private facilities intended for commercial, educational, cultural, recreational, community, or other civic purposes as may be deemed necessary for sound neighborhood development.

            (2)      For purposes of this section, the phrase "continuing care facility" means a facility operated to provide continuing care as defined by Article 70B, § 7 of the Code.

      (i)      As applied in Prince George's County, § 1-103(l)(1)(ii) of this article shall instead provide as follows: "To provide decent, safe, and sanitary urban or rural dwellings, apartments, or other living accommodations for the persons of eligible income residing in the area of the project; such work or undertaking may include buildings, land, equipment, facilities, and other real or personal property for necessary, convenient, or desirable appurtenances, streets, sewers, water service, parks, site preparation, gardening, administrative, community, health, recreational, educational, welfare, or other purposes".

      (j)      As applied in Prince George's County, § 1-103(r) of this article shall instead provide as follows: " `Persons of eligible income' shall mean persons of families residing in the area of operation of an authority undertaking a housing project who lack the amount of income which is necessary (as determined by the Authority) to enable them, without financial assistance, to live in decent, safe, and sanitary dwellings, without overcrowding".

      (k)      Bonds of the Housing Authority of Prince George's County may be sold either at public or private sale in the manner and upon the terms as are authorized by resolution of the Authority.

      (l)      In Prince George's County, the County Executive and the County Council are hereby authorized to perform the acts herein required or permitted by this article to be performed by the chief elected official and the legislative body of a county, respectively, for the housing authority of a county, except that the appointment and removal of Commissioners of the Housing Authority of Prince George's County by the County Executive shall require the approval of the Council.