WILLIAM DONALD SCHAEFER, Governor Ch. 311

(b)  (1)     Each eligible neighborhood housing services
corporation    may apply for a grant in an amount not to exceed
one-third of   its annual operating budget or $50,000, whichever is
less.

(2) Each umbrella corporation may apply for a grant
for each of its neighborhood housing services programs in an
amount not to exceed one-third of the neighborhood housing
services program's annual operating budget or $50,000, whichever
is less.

(c)  If in any fiscal year the total amount of grant
applications received by the Department exceeds the total amount
of the Fund, the Secretary shall reduce each eligible applicant's
grant on a pro rata basis in order not to exceed the total dollar
amount of the Fund appropriated for that fiscal year.

[11-904.] 4-304.

A neighborhood housing services corporation or umbrella
corporation shall be eligible for a grant upon meeting all of the
following requirements:

(1)  Timely submission of an application in the form
prescribed by the Secretary, which application shall include:

(i) A description of the geographic boundaries
served by the Neighborhood Housing Services Corporation or
Neighborhood Housing Services Program;

(ii) Certification that the applicant is
currently registered with the Neighborhood Reinvestment
Corporation;

(iii) Certification of incorporation under the
laws of the State [of Maryland];

(iv) Certification of receipt of a current
ruling from the Internal Revenue Service of the United States
Department of the Treasury that the applicant is an organization
which is exempt from federal income taxation;

(v) Certification that the remaining two-thirds
portion of the applicant's annual operating budget has been
provided exclusively from political subdivisions or private
sources; and

(vi) Other requirements as may be required by
the Secretary;

(2)  Creation of a Board of Directors composed of a
member of the General Assembly, neighborhood residents,
representatives of local financial institutions and where not

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