HARRY HUGHES, Governor                                       207

In subsection (b) of this section, the term "owner" is
substituted for the former phrase "eligible person,
firm, or corporation", for clarity.

Also in subsection     (b) of this section, the defined

term "governing body"   is substituted for the former

reference to "board    of estimates", for clarity and
consistency.

Also in subsection (b) of this section, the reference
"agree on the payment that the owner shall make" is
substituted for the former reference "entry ... into
an agreement for the payment of", to clarify the
current practice.

In subsection (c)(1) of this section, the phrase
"previously imposed" is substituted for the former
term "levied", for clarity.

Subsection (c)(2) of this section is revised as a
prohibition for clarity. In light of this revision
the former reference to "subsequent taxable years" is
deleted as superfluous.

Defined terms: "Governing body" § 1-101
"Includes";"including" § 1-101 "Property" § 1-101
"Real property" § 1-101 "Taxable year" § 1-101

7-505. SAME -- GOVERNMENTALLY SUBSIDIZED RENTAL HOUSING.

(A) REQUIREMENTS FOR EXEMPTION.

(1)  IN THIS SUBSECTION, "SERVICE FACILITIES" INCLUDES
NONDWELLING COMMERCIAL AND COMMUNITY FACILITIES, COMMUNITY ROOMS,
DINING HALLS, AND INFIRMARIES.

(2)  EXCEPT IN BALTIMORE CITY, REAL PROPERTY IS EXEMPT
FROM COUNTY AND MUNICIPAL CORPORATION PROPERTY TAX IF:

(I)  THE REAL PROPERTY IS OWNED BY A PERSON
ENGAGED IN CONSTRUCTING OR OPERATING HOUSING STRUCTURES OR
PROJECTS;

(II)  THE REAL PROPERTY IS USED FOR A HOUSING
STRUCTURE OR PROJECT THAT:

1. IS CONSTRUCTED OR SUBSTANTIALLY
REHABILITATED UNDER A FEDERAL, STATE, OR LOCAL GOVERNMENT PROGRAM
THAT:

A.  FUNDS CONSTRUCTION OR INSURES
ITS FINANCING; OR

B.  PROVIDES INTEREST SUBSIDY, RENT
SUBSIDY, OR RENT SUPPLEMENTS; AND