HARRY HUGHES, Governor

4005

13-605.

(A)  (1) THERE IS IN THE STATE A NONSTOCK CORPORATION KNOWN
AS "THE MARYLAND RENTAL HOUSING RESOURCE CORPORATION" THAT
MANAGES AND SUPERVISES THE MARYLAND RENTAL HOUSING RESOURCE
PROGRAM AND THE MARYLAND RENTAL HOUSING RESOURCE FUND.

(2)  THE CORPORATION SHALL MAINTAIN ITS PRINCIPAL
OFFICE IN THE STATE AND SHALL MAINTAIN A DESIGNATED AGENT TO
ACCEPT SERVICE OF PROCESS FOR THE CORPORATION. THE AGENT'S NAME
AND ADDRESS SHALL BE FILED WITH THE STATE DEPARTMENT OF
ASSESSMENTS AND TAXATION.

(3)  THE CORPORATION IS EXEMPT FROM ALL SPECIAL AND
ORDINARY TAXES AND FROM STAMP AND TRANSFER TAXES IMPOSED BY THE
STATE OR ANY POLITICAL SUBDIVISION.

(4)  EXCEPT AS OTHERWISE PROVIDED IN THIS SUBTITLE,
THE CORPORATION IS NOT A DEPARTMENT, AGENCY OR INSTRUMENTALITY OF
THE STATE.

(B)  (1) THE CORPORATION HAS A BOARD OF DIRECTORS. THE
BOARD CONSISTS OF 11 VOTING MEMBERS.

(2)  OF THE 11 BOARD MEMBERS:

(I) 5 6 MEMBERS SHALL BE REALTORS

LICENSEES, AT LEAST ONE OR OF WHOM IS ALSO A HOMEBUILDER;

(II) 1 MEMBER SHALL BE THE SECRETARY OF THE

DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT OR THE

SECRETARY'S DESIGNEE;

(III) (II) 1 SHALL BE A MEMBER OF THE LOW
INCOME HOUSING ADVISORY BOARD;

(IV) (III) 2 SHALL BE REPRESENTATIVES OF
NONPROFIT HOUSING ORGANIZATIONS; AND

(V) (IV) 2 SHALL BE PUBLIC MEMBERS.

(3)  THE GOVERNOR SHALL APPOINT THE BOARD MEMBERS WITH
THE ADVICE AND CONSENT OF THE SENATE.

(4)  BOARD MEMBERS SHALL BE RESIDENTS OF THE STATE WHO
REPRESENT THE DIFFERENT REGIONS OF THE STATE.

(5)  THE SECRETARY OF THE DEPARTMENT OF ECONOMIC AND
COMMUNITY DEVELOPMENT OR THE SECRETARY'S DESIGNEE SHALL SIT AS AN
EX OFFICIO, NONVOTING MEMBER OF THE BOARD.

(C)(1) THE TERM OF OFFICE OF EACH MEMBER OF THE BOARD IS 3
YEARS.