Marvin Mandel, Governor                       1123

taxable to the extent of such commercial use on fair value of the
property so rented.

(a-1) In any case in which real property owned by such institu-
tions or organizations or by any nonprofit corporation exempt from
income taxation under the provisions of Section 288 (d) of this article,
engaged solely in the construction, operation and management of
multi-family rental housing structures and such related facilities as
dining halls, community rooms, infirmaries and other essential service
facilities 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 under
the senior citizens housing program pursuant to Section 202 of the
national Housing Act of 1959, as amended, or any other program of
the United States government under which such institution, organiza-
tion or nonprofit corporation provides housing for senior citizens,
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 shall enter into an
agreement with any such institution, organization or corpora-
tion for the payment of a negotiated sum or sums in lieu of taxes,
and, upon approval of said agreement by the executive body of such
subdivision, and in Baltimore City by the Board of Estimates of the
Mayor and City Council of Baltimore, the negotiated payment shall
be in lieu of all State and local assessments and taxes upon real
property under this article; and said agreement may include the
abatement or reduction of any previous tax assessment 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.

(b)    All nonpolitical women's clubs, incorporated under the laws
of the State of Maryland, for which no stock is issued, and no part of
the net income of which inures to private shareholders or individuals,
and whose charter shows that the only purposes of such club are of a
charitable, benevolent, educational and civic nature to promote the
public welfare, and that any benefits or enjoyment or entertainment
received from membership in said clubs are incidental to such pur-
poses, shall be deemed to be a charitable, benevolent and educational
institution for the purposes of this section.

(c)    This subsection shall not apply to college or high school
fraternities or sororities or other fraternal organizations membership
in which is restricted wholly or largely to students or graduates of
educational institutions or professional schools.

(d)    Real estate or any estate therein, heretofore or hereafter
acquired and held for future use, and not for investment, by any
hospital or asylum not organized or conducted for profit, provided
that the exemption of property held for future use granted by this
subsection shall be for the period January 1, 1947, to December 31,
1969.

(e)    All exemptions from taxation hereunder shall be allowed by
the assessing authority upon the filing of a claim in writing under
oath, made by or on behalf of the institution or organization claiming
the same, showing the right to the exemption, briefly describing the