Ch. 309                           LAWS OF MARYLAND

(c)  "Board" means the board of directors of the [Rental]
Housing Resource Corporation.

(d)  "Corporation" means the [Rental] Housing Resource
Corporation.

(e)  "Fund" means the [Rental] Housing Resource Fund.

(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.

13-605.

(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)  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) 6 members shall be real estate licensees,
at least one of whom is also a homebuilder;.

(ii) 1 shall be a member of the low income
housing advisory board;

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