WILLIAM DONALD SCHAEFER, Governor Ch. 625

(4) "PARTNERSHIP RENTAL HOUSING" MEANS HOUSING
FACILITIES, INCLUDING APARTMENTS, CONDOMINIUMS, COOPERATIVES,
TOWNHOUSES, TOWNHOMES, AND SINGLE-FAMILY HOMES.

(C)  THE SECRETARY OF HOUSING AND COMMUNITY
DEVELOPMENT SHALL ADOPT REGULATIONS ESTABLISHING THE TIME WHEN
HOUSEHOLDS THAT EXCEED THE INCOME LIMITS FOR LOWER INCOME
HOUSEHOLDS AFTER INITIAL OCCUPANCY WILL BE REQUIRED TO VACATE THE
PARTNERSHIP RENTAL HOUSING.

(D)  ANY LOCAL GOVERNMENT MAY APPLY TO THE COMMUNITY
DEVELOPMENT ADMINISTRATION FOR FUNDS TO FINANCE THE DEVELOPMENT
COSTS OF NEW CONSTRUCTION, RECONSTRUCTION, OR SUBSTANTIAL
REHABILITATION OF BUILDINGS FOR THE PURPOSE OF ADDING TO THE
STOCK OF RENTAL HOUSING AVAILABLE TO LOWER INCOME HOUSEHOLDS.
THE BOND PROCEEDS SHALL BE GOVERNED BY AND SUBJECT TO THE
FOLLOWING STIPULATIONS AND LIMITATIONS:

(1)  THE LOCAL GOVERNMENT SHALL PROVIDE THE SITE
FOR THE PARTNERSHIP RENTAL HOUSING.

(2)  THE LOCAL GOVERNMENT SHALL OWN THE
PARTNERSHIP RENTAL HOUSING.

(3)  THE LOCAL GOVERNMENT SHALL DIRECTLY OR
INDIRECTLY MANAGE THE OPERATION OF THE PARTNERSHIP RENTAL
HOUSING.

(4)  THE PARTNERSHIP RENTAL HOUSING FACILITIES
SHALL BE OCCUPIED BY LOWER INCOME HOUSEHOLDS.

(5)  LOWER INCOME HOUSEHOLDS OCCUPYING
PARTNERSHIP RENTAL HOUSING SHALL CONTRIBUTE SERVICES TO ENHANCE
AND MAINTAIN THE PROPERTY OR COMMUNITY IN A MANNER DEEMED
ACCEPTABLE TO THE LOCAL GOVERNMENT.

(6)  NO REPAYMENT OF PRINCIPAL OR INTEREST ON
THE BONDS USED FOR CONSTRUCTION, RECONSTRUCTION, OR
REHABILITATION COSTS WILL BE REQUIRED UNLESS THE HOUSING CEASES
TO BE OPERATED IN ACCORDANCE WITH THE COVENANTS CONTAINED IN
REGULATORY AGREEMENTS BETWEEN THE COMMUNITY DEVELOPMENT
ADMINISTRATION AND THE LOCAL GOVERNMENT.

(4) There is hereby levied and imposed an annual State tax
on all assessable property in the State in rate and amount
sufficient to pay the principal of interest on the bonds, as and
when due and until paid in full, such principal to be discharged
within 15 years of the date of issue of the bonds.

Chapter 468 of the Acts of 1986

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

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