HARRY HUGHES, Governor

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(B)  EACH ELIGIBLE NEIGHBORHOOD HOUSING SERVICES
CORPORATION MAY APPLY FOR A GRANT IN AN AMOUNT NOT TO EXCEED
ONE-THIRD OF ITS ANNUAL OPERATING BUDGET OR $50,000,
WHICHEVER IS LESS.

(C)  IF IN ANY FISCAL YEAR THE TOTAL AMOUNT OF GRANT
APPLICATIONS RECEIVED BY THE DEPARTMENT EXCEEDS THE TOTAL
AMOUNT OF THE FUND, THE SECRETARY SHALL REDUCE EACH ELIGIBLE
APPLICANT'S GRANT ON A PRO RATA BASIS IN ORDER NOT TO EXCEED
THE TOTAL DOLLAR AMOUNT OF THE FUND APPROPRIATED FOR THAT
FISCAL YEAR.

520.

A NEIGHBORHOOD HOUSING SERVICES CORPORATION OR ANY
CENTRAL AGENCY OVERSEEING A NEIGHBORHOOD HOUSING SERVICES
CORPORATION SHALL BE ELIGIBLE FOR A GRANT UPON MEETING ALL
OF THE FOLLOWING REQUIREMENTS:

(1)  TIMELY SUBMISSION OF AN APPLICATION IN THE
FORM PRESCRIBED BY THE SECRETARY, WHICH APPLICATION SHALL
INCLUDE:

(I)  A DESCRIPTION OF THE GEOGRAPHIC
BOUNDARIES OF THE NEIGHBORHOOD HOUSING SERVICES CORPORATION;

(II)  CERTIFICATION THAT THE APPLICANT IS
CURRENTLY REGISTERED WITH THE NEIGHBORHOOD REINVESTMENT
CORPORATION;

(III)  CERTIFICATION OF INCORPORATION UNDER
THE LAWS OF THE STATE OF MARYLAND;

(IV)  CERTIFICATION OF RECEIPT OF A CURRENT
RULING FROM THE INTERNAL REVENUE SERVICE OF THE UNITED
STATES DEPARTMENT OF THE TREASURY THAT THE APPLICANT IS AN
ORGANIZATION WHICH IS EXEMPT FROM FEDERAL INCOME TAXATION;

(V)  CERTIFICATION THAT THE REMAINING
TWO-THIRDS PORTION OF THE APPLICANT'S ANNUAL OPERATING
BUDGET HAS BEEN PROVIDED EXCLUSIVELY FROM POLITICAL
SUBDIVISIONS OR PRIVATE SOURCES; AND

(VI)  OTHER REQUIREMENTS AS MAY BE REQUIRED
BY THE SECRETARY.

(2)  CREATION OF A BOARD OF DIRECTORS COMPOSED OF
A MEMBER OF THE GENERAL ASSEMBLY, NEIGHBORHOOD RESIDENTS,
REPRESENTATIVES OF LOCAL FINANCIAL INSTITUTIONS AND WHERE
NOT INCONSISTENT WITH LOCAL LAW, REPRESENTATIVES OF LOCAL
POLITICAL SUBDIVISIONS;

(3)  AUTHORIZATION TO ESTABLISH AND ADMINISTER A
REVOLVING LOAN FUND TO MAKE LOANS AT FLEXIBLE RATES AND
TERMS TO NEIGHBORHOOD HOMEOWNERS WHO ARE UNABLE TO OBTAIN
MORTGAGE FINANCING ON REASONABLE TERMS THROUGH NORMAL
LENDING CHANNELS FOR THE PURPOSES OF PRESERVING OR