Ch. 744

LAWS OF MARYLAND

[3.] C. a nonprofit housing corporation
as defined in Article 44A, § 3 of the Code; and

[(ii) the owner of the real property is]
2. engaged solely in constructing, operating, or managing rental
housing and other related essential service facilities that:

[1.] A. are substantially completed or
substantially rehabilitated on and after July 1, 1973, or, in
Montgomery County, substantially, completed or substantially
rehabilitated on and after January 1, 1968;

[2.] B. are partially or totally financed
under a government program that provides housing for low income
families; and

[3.] C. are operated on a nonprofit basis
with the revenues from the operation of the housing and
facilities controlled under the government program in order- not
to produce any net income; OR

(II) 1. A LIMITED PARTNERSHIP WHOSE SOLE
MANAGING GENERAL PARTNER IS:

A.  A HOUSING AUTHORITY AS DEFINED IN
ARTICLE 44A, § 3(A) OF THE CODE; OR

B.  A NONPROFIT CORPORATION THAT IS EXEMPT
FROM INCOME TAX UNDER ARTICLE 81, § 288(D) OF THE CODE OR A FOR
PROFIT CORPORATION IN WHICH 100% OF THE STOCK IS OWNED BY A
NONPROFIT CORPORATION THAT IS EXEMPT FROM INCOME TAX UNDER
ARTICLE 81, § 288(D) OF THE CODE; AND

2. ENGAGED IN THE OPERATION,
CONSTRUCTION, OR MANAGEMENT OF A QUALIFIED LOW INCOME HOUSING
PROJECT AS DEFINED IN THE INTERNAL REVENUE CODE.

(b) The real property described in subsection (a) of this
section may be exempt from property tax only if:

(1) the governing body of the political subdivision
where the real property is located approves an agreement between:

(i) the political subdivision and the owner for

real property described in subsection (a)(2)(i)1. and 2.

(A)(2)(I)1 A AND B AND (A)(2)(II)1 B of this section; or

(ii) the county and, where applicable,

municipal corporation and the owner for real property described

in subsection (a)(2)(i)3. (A)(2)(I)1 C AND (A)(2)(II)1 A of

this section; and

- 4848 -