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418 LAWS OF MARYLAND [CH. 201
which (i) is expected to be of long continued and indefinite dura-
tion, (ii) substantially impedes his ability to live independently, and
(iii) is of such a nature that such ability could be improved by more
suitable housing conditions-.
(d) The provisions of this section are exclusive of the provisions
of subsection 9 (7) of this Article 81, anything therein to the con-
trary notwithstanding, the rental for housing purposes hereunder
not being deemed to be a commercial rental business.
(e) The tax credit created by this section shall be a credit
against ordinary taxes levied by the State and any county, munici-
pal corporation or other taxing authority in the State, against or
applicable to property, real and personal, owned by a corporation
which qualifies for the tax credit and such credit shall be deducted
by a qualified corporation on the face of its tax bill or tax return
with an appropriate reference to this section.
7(A)(I) IN ANY CASE IN WHICH REAL PROPERTY
OWNED BY SUCH INSTITUTIONS OR ORGANIZATIONS OR
BY ANY NONPROFIT CORPORATION EXEMPT FROM IN-
COME TAXATION UNDER THE PROVISIONS OF SECTION
288(G) OF THIS ARTICLE, ENGAGED SOLELY IN THE CON-
STRUCTION, OPERATION AND MANAGEMENT OF MULTI-
FAMILY RENTAL HOUSING STRUCTURES AND SUCH RE-
LATED FACILITIES AS DINING HALLS, COMMUNITY ROOMS,
INFIRMARIES AND OTHER ESSENTIAL SERVICE FACILI-
TIES NEWLY CONSTRUCTED AFTER SEPTEMBER 23, 1959,
NINETY-FIVE PERCENT (95%) OR MORE OF THE COST OF
WHICH WAS FINANCED UNDER THE LOAN PROGRAM OF
THE UNITED STATES GOVERNMENT PROVIDED FOR UN-
DER THE SENIOR CITIZENS HOUSING PROGRAM PURSUANT
TO SECTION 202 OF THE NATIONAL HOUSING ACT OF 1959,
AS AMENDED, SHALL YIELD RENTAL REVENUES WHICH
ARE CONTROLLED UNDER SUCH LOAN PROGRAM OF THE
UNITED STATES GOVERNMENT SO AS NOT TO PRODUCE
ANY NET INCOME AND TO BE OPERATED ON A NONPROFIT
BASIS, THE POLITICAL SUBDIVISION IN WHICH SUCH
PROPERTY IS LOCATED IS AUTHORIZED TO ENTER INTO
AN AGREEMENT WTH ANY SUCH INSTITUTION, ORGANI-
ZATION OR CORPORATION FOR THE PAYMENT OF A NEGO-
TIATED SUM OR SUMS IN LIEU OF TAXES, AND, UPON
APPROVAL OF SAID AGREEMENT BY THE EXECUTIVE
BODY OF SUCH SUBDIVISION, THE NEGOTIATED PAYMENT
SHALL BE IN LIEU OF ALL STATE AND LOCAL ASSESS-
MENTS AND TAXES UPON REAL PROPERTY UNDER THIS
ARTICLE; AND SAID AGREEMENT MAY INCLUDE THE
ABATEMENT OR REDUCTION OF ANY PREVIOUS TAX AS-
SESSMENT UPON SAID PROPERTY. SAID PAYMENT SHALL
BE DIVIDED BETWEEN THE STATE AND SUCH POLITICAL
SUBDIVISION IN ACCORDANCE WITH THE RATIO WHICH
THE RATE OF TAX IMPOSED BY THE STATE BEARS TO THE
RATE OF TAX IMPOSED BY SUCH POLITICAL SUBDIVISION.
Sec. 2. And be it further enacted, That this Act shall take effect
July JUNE 1, 1966.
Approved April 14, 1966.
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