WILLIAM DONALD SCHAEFER, Governor                   Ch. 311

(iv) The ability of the families to compete
successfully in the conventional private housing market; and

(v) Relevant standards and definitions
established for federal housing programs.

(2) The income limits for families of lower income
shall be established at levels lower than the income limits
established for families of limited incomes as provided in
[Article 41, Section 11-303] § 2-203 OF THIS ARTICLE. The limits
may differ for different areas or regions of the State. A limit
of general applicability may be supplemented by a lower limit
applicable to a particular project.

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

[(f)] (E) "Loan" means a loan of money made by the
Department under this subtitle.

[(g)] (F) "Operating costs" means any costs incurred by a
sponsor of a completed project necessary to maintain or operate a
project including payments of principal and interest on a loan to
cover development costs.

[(h)] (G) "Nonprofit organization" means     a corporation,

foundation, or other legal entity, no part of the   net earnings of

which inures to the benefit of any private     shareholder or
individual holding any interest in such entity.

[(i)] (H) "Political subdivision" means any municipal
corporation in Maryland subject to the provisions of Article XI-E
of the Constitution, the Mayor and City Council of Baltimore, and
any of the 23 counties in Maryland.

[(j)] (I) "Program" means the Rental Housing Production
Program.

[(k)] (J) "Rental housing production project" or "project"
means any project or undertaking for the acquisition,
construction, or rehabilitation of buildings and improvements, or
any portion thereof, which buildings and improvements or portion
thereof will be occupied entirely by families of lower income.

[(1)] (K) "Sponsor" means any political subdivision,
person, partnership, joint venture, corporation, nonprofit
organization, or other legal entity that applies for a loan under
the Rental Housing Production Program established under this
subtitle.

[11-802.] 2-502.

There is a Rental Housing Production Program of the
Department.

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