HARRY HUGHES, Governor

3409

13-608.

(A)  THE CORPORATION MAY NOT:

(1)  ISSUE SHARES OF STOCK, OR DECLARE OR PAY
DIVIDENDS;

(2)  CONTRIBUTE OR MAKE AVAILABLE CORPORATE FUNDS OR
SERVICES TO ANY POLITICAL PARTY OR ASSOCIATION, OR THE CAMPAIGN
OF ANY CANDIDATE FOR PUBLIC OR PARTY OFFICE; OR

(3)  COMPETE DIRECTLY OR INDIRECTLY WITH ANY GRANTEE
RECIPIENT.

(B)  (1) THE NET EARNINGS OF THE CORPORATION MAY NOT INURE
TO THE BENEFIT OF ANY MEMBER, TRUSTEE, OR OFFICER OF THE
CORPORATION, OR ANY PRIVATE PERSON.

(2)  A MEMBER, TRUSTEE, OR OFFICER OF THE CORPORATION,
OR ANY PRIVATE PERSON MAY NOT BE ENTITLED TO SHARE IN THE
DISTRIBUTION OF ANY OF THE CORPORATE ASSETS ON DISSOLUTION OF THE
CORPORATION.

(3)  REASONABLE COMPENSATION MAY BE PAID FOR SERVICES
ACTUALLY RENDERED TO OR FOR THE CORPORATION.

(C)  EXCEPT AS PERMITTED UNDER §§ 501(H) AND 4911 OF THE
INTERNAL REVENUE CODE, THE CORPORATION MAY NOT:

(1)  PUBLISH PROPAGANDA OR OTHERWISE ATTEMPT TO
INFLUENCE LEGISLATION; OR

(2)  PARTICIPATE IN OR INTERVENE IN A POLITICAL
CAMPAIGN ON BEHALF OF ANY CANDIDATE FOR PUBLIC OFFICE.

13-609.

THE MONEY IN THE FUND MAY BE USED TO MAKE GRANTS, LOANS, OR
DEFERRED PAYMENT LOANS SUBORDINATE TO OTHER FINANCING OR TO
ENSURE DEFERRED PAYMENT LOANS OR GUARANTEES OF LOANS FROM OTHER
SOURCES TO APPROVED APPLICANTS FOR SUBSTANTIAL CONSTRUCTION OR
REHABILITATION OF LOW INCOME RENTAL HOUSING. ANY LOAN MADE OR
GUARANTEED BY THE PROGRAM MAY BE SUBORDINATED TO OTHER FINANCING.

13-610.

(A) THE CORPORATION SHALL REVIEW APPLICATIONS FOR LOANS
AWARDS SUBMITTED BY PRIVATE OR NONPROFIT SPONSORS, COUNTIES,
MUNICIPALITIES, OR LOCAL HOUSING AGENCIES ESTABLISHED UNDER
ARTICLE 44A OF THE CODE ON BEHALF OF SPONSORS OF PROPOSED
SUBSTANTIAL CONSTRUCTION OR REHABILITATION OF LOW INCOME RENTAL
HOUSING.