4000                                                      VETOES

AN ACT concerning

Rental Housing Resource Corporation

FOR the purpose of establishing the Rental Housing Resource
Program within the Department of Economic and Community
Development; establishing the Rental Housing Resource
Corporation; defining terms; providing for the powers and
duties of the Corporation; providing for a Board of
Directors of the Corporation; providing for the appointment
and terms of members of the Board of Directors; providing
for an executive director and staff of the Corporation;
requiring the Corporation to adopt regulations to administer
the program; providing for the establishment of the Rental
Housing Resource Fund, to consist of interest money earned
on trust accounts held by real estate licensees, escrow
accounts held by vendors or builders of new housing, and of
grants, donations, and federal funds; and money appropriated
by the State under the program; providing that escrow or
trust fund interest money paid into the Fund shall be
voluntarily contributed; permitting real estate licensees to
deposit and commingle trust moneys in interest bearing
accounts under certain circumstances for the purposes of
this Act; providing for the uses of the money in the Fund to
make loans, grants, and certain other financial assistance
to facilitate the construction and rehabilitation of low
income rental housing, including certain deferred payment
loans, subordinate to other financing; providing for the

issuance of regulations; authorizing the Governor to

supplement the money in the Fund; authorizing the

Corporation to request supplemental amounts to be deposited
in the Fund; requiring the separate accounting of State and
nonstate money in the Fund; limiting the liability of a
licensee who participates in the program; requiring certain
disclosure of participation in the program by licensees;
providing for allocation of moneys to each subdivision and
for reversion of allocations under certain circumstances;
placing a limitation on administrative expenses; requiring
certain audits of the program, the Corporation, and
grantees; limiting the powers of the Corporation;
prohibiting any individual from fraudulently obtaining,
attempting to obtain, or aiding another in fraudulently
obtaining assistance under the program; providing certain
penalties for fraud; providing for the disposition of the
assets of the Corporation on the liquidation of the
Corporation; providing for a certain effective date of this
Act; and generally relating to the Rental Housing Resource
Program.

BY repealing and reenacting, with amendments,

Article 56 - Licenses
Section 227A