Ch. 356 LAWS OF MARYLAND

BE exempt from [Montgomery County] COUNTY AND MUNICIPAL
CORPORATION property tax if:

(i) the real property is owned by a person engaged in constructing or
operating housing structures or projects;

(ii) the real property is used for a housing structure or project that is
constructed or substantially rehabilitated under a federal, State, or local government
program that:

1. funds construction or insures its financing IN WHOLE OR
IN PART; or

2. provides interest subsidy, rent subsidy, or rent supplements;

(iii) the owner and the governing body of [Montgomery County] THE
COUNTY AND, WHERE APPLICABLE, THE MUNICIPAL CORPORATION
WHERE THE REAL PROPERTY IS LOCATED agree that the owner shall pay a
negotiated amount in lieu of the applicable county OR MUNICIPAL CORPORATION
property tax; and

(iv) the owner of the real property:

1. A. agrees to continue to maintain the real property as
[subsidized] rental housing FOR LOWER INCOME PERSONS under the [terms]
REQUIREMENTS of the [original regulatory agreement] GOVERNMENT
PROGRAMS DESCRIBED IN PARAGRAPH (2)(II) OF THIS SUBSECTION; AND

[2.] B. agrees to renew [the] ANY annual contributions
contract OR OTHER AGREEMENT for rental subsidy OR SUPPLEMENT; or

[3.] 2. enters into [another type of] AN agreement with the
governing body [of Montgomery County] OF THE COUNTY OR MUNICIPAL
CORPORATION to allow the ENTIRE property or [a] THE portion of the property
WHICH WAS MAINTAINED FOR LOWER INCOME PERSONS to remain as
[subsidized] housing FOR LOWER INCOME PERSONS for a term of at least 5 years.

(3) If the structure and facilities of the real property are used
predominantly for residential purposes, the real property may contain service facilities
to serve its occupants and the surrounding neighborhood.

(b) Real property described in subsection (a) of this section is exempt when the
requirements of subsection (a) of this section are met.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved May 2, 1990.

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