1140                               Laws of Maryland                        [Ch. 350

(j) Fire Companies

Property owned by any nonprofit incorporated fire company or
rescue squad, and actually used exclusively for the purposes of the
organization, and necessary for its purposes, INCLUDING LAND
USED FOR TRAINING AND FUND RAISING CARNIVALS OR
BAZAARS.

(k) Ruritan International

Property owned by local corporations affiliated with Ruritan In-
ternational, and actually used exclusively for the purposes of the local
corporations.

(l) (K) Operating Property of Railroads

From State taxation only, operating property of railroad, express,
or transportation companies, parlor car, and sleeping car companies
when the revenues from such property within the State are subject
to the franchise tax on gross receipts imposed under Section ISO of
this Article.

(m) (L) Conservation property

Property owned by the Nature Conservancy, or any chapter thereof,
and used to assist in the preservation of wild nature areas, to
establish nature reserves or other protected areas, or generally to
promote conservation, provided such property is ultimately intended
for future public ownership.

(n) (M) Community Water Systems

Property owned by any non-profit community water company or
corporation which is owned by a majority of the lot owners in the
area served by the system, either through ownership of stock certifi-
cates in the company or corporation, or other means of ownership,
which company or corporation charges rates sufficient only to pay for
the cost of operating the system.

(o) (N) Non-profit Housing Property

Real property owned by any taxpayer exempted under subsection
(e) of this section or by any non-profit corporation exempted from
income taxation under Section 288(d) of this article, where such
person or corporation is 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, where 95% or more of the cost was financed under the loan
program of the United States government provided for under the
senior citizens housing program pursuant to the National Housing
Act of 1959, as amended, and where such structures and facilities
shall yield revenues which are controlled under the loan program
of the United States government so as not to produce any net income
and are operated on a nonprofit basis, may be subject to exemption
with the approval of the governing body of the subdivision in which
the property is located upon the entry of the subdivision and the
taxpayer into an agreement for the payment of a negotiated sum or
sums in lieu of all State and local taxes upon such property. The agree-
ment may include the abatement or reduction of any previous taxes
levied against the property. The payment shall be divided between
the State and the subdivision in accordance with the ratio which the