HARRY HUGHES, Governor

2079

Montgomery County — Real Property Tax Credits Deferrals

MC 248-79

FOR the purpose of authorizing the governing body of
Montgomery County to permit certain tax credits

deferrals for certain moderate income rental

residential buildings; providing in a certain event for

return of cumulative amounts of deferrals to the

county; and providing for a time limit for deferrals.

BY adding to

Article 81 — Revenue and Taxes

Section 12F-8

Annotated Code of Maryland

(1975 Replacement Volume and 1978 Supplement)

SECTION 1.. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 — Revenue and Taxes

12F-8.

THE GOVERNING BODY OF MONTGOMERY COUNTY BY LAW MAY

PROVIDE FOR TAX CREDITS AGAINST DEFERRALS__OF LOCAL COUNTY

REAL PROPERTY TAXES LEVIED ON CERTAIN RESIDENTIAL BUILDINGS
DEFINED BY THE COUNTY AS NONLUXURY MODERATE INCOME, AS
DEFINED IN MONTGOMERY COUNTY REGULATIONS BASED ON SECTION 8
OF THE UNITED STATES HOUSING ACT OF 1937, AS AMENDED ,
MULTIFAMILY RENTAL HOUSING FACILITIES: AND PROVIDING THAT
THE CUMULATIVE AMOUNT OF ANY DEFERRAL SHALL BE DUE AND

PAYABLE, TO THE COUNTY IN THE EVENT THE PROPERTY NO LONGER

QUALIFIES AS A MODERATE INCOME. MULTIFAMILY RENTAL HOUSING
FACILITY. THE AMOUNT OF ANY CREDIT DEFERRAL PROVIDED FOR IN
ACCORDANCE WITH THIS SECTION, THE DURATION FOR WHICH IT IS
TO APPLY, THE QUALIFICATION OF ELIGIBLE PROPERTY, AND ALL
OTHER SPECIFICS PERTAINING TO THE TAX CREDIT DEFERRAL SHALL
BE AS THE COUNTY DEEMS APPROPRIATE AND PROVIDES FOR IN THE
LAW. THE UNPAID BALANCE OF THE DEFERRALS SHALL BE A LIEN ON
THE PROPERTY AFFECTED.

SECTION 2. AND BE IT FURTHER ENACTED, That Montgomery
County may not grant a new application for deferral after

June 30, 1982, without further action by the General

Assembly.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 29, 1979.