388                                               LAWS OF MARYLAND                                     Ch. 8

THE GOVERNING BODY OF MONTGOMERY COUNTY OR OF A MUNICIPAL
CORPORATION IN MONTGOMERY COUNTY MAY GRANT, BY LAW, A PROPERTY
TAX CREDIT UNDER THIS SECTION AGAINST THE COUNTY OR MUNICIPAL
CORPORATION PROPERTY TAX IMPOSED ON:

(1)  REAL PROPERTY THAT IS:

(I)  A STRUCTURE OR PROJECT CONSTRUCTED OR
SUBSTANTIALLY REHABILITATED UNDER § 8 OF THE UNITED STATES
HOUSING ACT OF 1937 PRIMARILY FOR OCCUPANCY BY ELDERLY
INDIVIDUALS;

(II)  RECEIVING A RENT SUBSIDY; AND

(III)  OPERATED ON A NONPROFIT OR LIMITED
DIVIDEND DISTRIBUTION BASIS; AND

(2)  PERSONAL PROPERTY THAT IS USED TO IMPROVE,
REPLACE, OR MAINTAIN A ROAD, COMMON AREA, OR COMMON FACILITY THAT
IS:

(I)  OWNED BY A NONPROFIT ORGANIZATION THAT IS
FORMED ONLY TO IMPROVE, REPLACE, OR MAINTAIN THE ROAD, COMMON
AREA, OR COMMON FACILITY;

(II)  ESTABLISHED UNDER A TOWN SECTOR, PLANNED
RETIREMENT COMMUNITY ZONE, OR PLANNED RESIDENTIAL COMMUNITY ZONE
OF AN ENACTED COUNTY ZONING ORDINANCE; AND

(III)  DEDICATED FOR THE USE OF ALL THE
RESIDENTS WITHOUT PAYMENT OF FEE OR ADMISSION.

(C) COUNTY TAX -- OPTIONAL.

(1) THE GOVERNING BODY OF MONTGOMERY COUNTY MAY
GRANT, BY LAW, A PROPERTY TAX CREDIT UNDER THIS SECTION AGAINST
THE COUNTY PROPERTY TAX IMPOSED ON:

(I)  REAL PROPERTY ON WHICH AN IMPROVEMENT IS
MADE TO AN EXISTING STRUCTURE IN A NEIGHBORHOOD IMPROVEMENT PLAN
AREA THAT THE GOVERNING BODY OF MONTGOMERY COUNTY DETERMINES TO
BE A SPECIAL TARGET AREA FOR RESIDENTIAL, BUSINESS, AND COMMUNITY
REDEVELOPMENT BECAUSE OF BLIGHT OR DETERIORATION; AND

(II)  REAL PROPERTY THAT IS:

1.  OWNED BY BANNOCKBURN COOPERATORS,
INCORPORATED;

2.  LEASED BY BANNOCKBURN COMMUNITY CLUB,
INCORPORATED; AND

3.  USED ONLY FOR COMMUNITY, CIVIC,
EDUCATIONAL, AND RECREATIONAL PURPOSES AND TO PROMOTE SOCIAL

WELFARE.