WILLIAM DONALD SCHAEFER, Governor                      Ch. 96

(C)   "ASSISTED PROJECT" MEANS A BUILDING OR BUILDINGS UNDER
COMMON OWNERSHIP CONTAINING 10 OR MORE DWELLING UNITS INTENDED TO
BE LEASED TO ASSISTED HOUSEHOLDS FOR OCCUPANCY AS THEIR PRIMARY
RESIDENCE, AND WHERE EITHER:

(1)  ANY LOAN FINANCING THE PROPERTY IS INSURED OR
ASSISTED UNDER § 221(D)(3), § 202, OR § 236(A) OR (B) OF THE
NATIONAL HOUSING ACT OR § 515 OF THE HOUSING ACT OF 1949; OR

(2)  THE PROJECT, THE OWNER OF THE PROJECT, OR ANY
LENDER TO THE PROJECT, IS RECEIVING PROJECT-BASED § 8 RENTAL
ASSISTANCE.

(D)   "ASSISTED UNITS" MEANS ALL THE DWELLING UNITS IN AN
ASSISTED PROJECT SUBJECT TO REGULATORY REQUIREMENTS WITH RESPECT
TO:

(I) (1) THE RENTS CHARGEABLE BY THE OWNER; OR

(II) (2) THE MAXIMUM ANNUAL INCOME OF THE
TENANT OCCUPYING THE UNIT, WHICH MAY DEPEND UPON THE INCOME OF
THE TENANT FOR ASSISTED PROJECTS WHERE A GIVEN PERCENTAGE OF THE
TOTAL NUMBER OF UNITS ARE REQUIRED TO BE OCCUPIED BY INCOME
QUALIFYING TENANTS.

(E) "FAIR MARKET VALUE" OR "FAIR MARKET VALUATION" MEANS
THE PRICE WHICH A WILLING BUYER WOULD PAY TO A WILLING SELLER,
NEITHER UNDER ANY COMPULSION, FOR A RESIDENTIAL RENTAL PROJECT,
ASSUMING THE HIGHEST AND BEST USE UNDER CURRENT ZONING AND NO
REQUIREMENTS TO RENT TO LOW INCOME TENANTS, EXCEPT FOR THE
REQUIREMENTS OF ANY FEDERAL, STATE, OR LOCAL LAW OR REGULATION,
GOVERNMENTAL PROGRAM, AGREEMENT, COVENANT, OR RESTRICTION WHICH
WILL CONTINUE TO AFFECT THE PROJECT FOLLOWING THE DATE OF THE
SALE OR CONVEYANCE, INCLUDING THE REQUIREMENTS OF § 9-106 OF THIS
TITLE.

(E) (F) "LOCAL JURISDICTION" MEANS ANY OF THE 23 COUNTIES
IN MARYLAND, THE CITY OF BALTIMORE, AND ANY MUNICIPAL CORPORATION
IN MARYLAND SUBJECT TO THE PROVISIONS OF ARTICLE XI-E OF THE
CONSTITUTION.

(F) (G) "OWNER" OR "PROPERTY OWNER" MEANS THE PERSON OR
COMBINATION OF PERSONS WHO HOLD LEGAL TITLE TO THE ASSISTED
PROJECT OR ANY MORTGAGEE IN POSSESSION, RECEIVER, TRUSTEE OR
OTHER PERSON WHICH MAY TAKE A PROTECTED ACTION.

(G) (H) "OWNER'S OFFER" MEANS THE WRITTEN OFFER BY THE
OWNER TO THE PARTIES HAVING A RIGHT OF FIRST PURCHASE UNDER §
9-104 OF THIS TITLE.

(H) (I) "PROJECT-BASED § 8 RENTAL ASSISTANCE" MEANS FEDERAL
RENTAL ASSISTANCE UNDER § 8 OF THE UNITED STATES HOUSING ACT OF
1937, TO THE OWNER OR LENDER OF A HOUSING PROJECT UNDER NEW

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