4004

VETOES

(D) (E) "FUND" MEANS THE RENTAL HOUSING RESOURCE FUND.

(E) "DEPARTMENT" MEANS THE DEPARTMENT OF ECONOMIC AND
COMMUNITY DEVELOPMENT.

(F) "PROGRAM" MEANS THE RENTAL HOUSING RESOURCE PROGRAM.
13-602.

THERE IS A RENTAL HOUSING RESOURCE PROGRAM.

13-603.

THE PURPOSE OF THE PROGRAM IS TO STIMULATE THE CONSTRUCTION
AND REHABILITATION OF RENTAL HOUSING IN THE STATE FOR OCCUPATION
BY LOW INCOME HOUSEHOLDS.

13-604.

(A)  THE PROGRAM SHALL OPERATE A CONTINUING NONLAPSING
SPECIAL FUND THAT CONSISTS OF:

(1)  INTEREST MONEY EARNED ON TRUST ACCOUNTS HELD BY
REAL ESTATE LICENSEES UNDER ARTICLE 56, § 227A OR § 227A-1 OF THE
CODE;

(2)  INTEREST MONEY EARNED ON ESCROW ACCOUNTS HELD BY
VENDORS OR BUILDERS OF NEW HOUSING UNDER § 10-301 OF THE REAL
PROPERTY ARTICLE; AND

(3)  GRANTS, DONATIONS, AND FEDERAL FUNDS; AND.
(4) MONEY APPROPRIATED BY THE STATE TO THE PROGRAM.

(B) (1) INTEREST MONEY PAID INTO THE FUND FROM TRUST OR
ESCROW ACCOUNTS BY REAL ESTATE LICENSEES OR NEW HOUSING VENDORS
OR BUILDERS SHALL BE PAID VOLUNTARILY AND WITH THE EXPRESS
WRITTEN CONSENT OF THE REALTOR LICENSEE OR HOME BUILDER, BUILDER,
OR VENDOR WHO ESTABLISHES THE ESCROW ACCOUNT.

(2) BEFORE INTEREST MONEY IS PAID INTO THE FUND FROM
A TRUST OR ESCROW ACCOUNT, THE REALTOR OR HOME BUILDER WHO
ESTABLISHES THE ESCROW ACCOUNT SHALL COMPLETE A SEPARATE WRITTEN
CONSENT FORM DIRECTING THAT THE INTEREST ON THE ACCOUNT BE
CREDITED TO THE FUND.

(C) THE STATE TREASURER SHALL HOLD AND THE STATE

COMPTROLLER SHALL ACCOUNT FOR THE FUND. THE FUND SHALL BE

INVESTED AND REINVESTED. ANY INVESTMENT EARNINGS OF THE FUND

SHALL BE PAID BACK INTO THE FUND. ANY REPAYMENT OF LOANS FROM
THE FUND SHALL BE PAID INTO THE FUND.