WILLIAM DONALD SCHAEFER, Governor Ch. 222

3. A NONPROFIT ORGANIZATION MANAGES THE
PROJECT OR WILL BE THE RECIPIENT OF NET CASH FLOW OR THE RESIDUAL
SALE PROCEEDS UPON SALE OF THE PROJECT.

[(d) "Fund" means the Elderly Rental Housing Fund.]

(e) (H) "Program" means the Elderly Rental Housing Program.

2-805.

(a)   [The Program shall operate as a continuing, nonlapsing,
special fund, that consists of moneys appropriated by the State
to the Program. The Fund shall be called the Elderly Rental
Housing Fund.] THE PROGRAM SHALL BE OPERATED WITH MONEYS IN THE
RENTAL HOUSING PROGRAMS FUND, WHICH FUND SHALL BE A CONTINUING,
NONLAPSING SPECIAL FUND CONSISTING OF:

(1)  MONEYS APPROPRIATED BY THE STATE FOR RENTAL
HOUSING PROGRAMS, INCLUDING THE ELDERLY RENTAL HOUSING PROGRAM
AUTHORIZED BY THIS SUBTITLE, THE RENTAL HOUSING PRODUCTION
PROGRAM AUTHORIZED BY SUBTITLE 5 OF THIS TITLE, THE NONPROFIT
REHABILITATION PROGRAM AUTHORIZED BY § 2-305 OF THIS TITLE, AND
THE MULTIFAMILY MARYLAND HOUSING REHABILITATION PROGRAM AS
AUTHORIZED BY § 2-303 OF THIS TITLE;

(2)  REPAYMENTS AND PREPAYMENTS OF LOANS MADE UNDER
SUCH PROGRAMS, BOTH PRIOR TO AND AFTER JULY 1, 1989; AND

(3)  MONEYS TRANSFERRED TO THE RENTAL HOUSING PROGRAMS
FUND IN ACCORDANCE WITH §§ 2-313(K), 2-608(D) 2-313(H), 2-613(D),
2-1006(E), AND 2-708(D) OF THIS TITLE.

(b)  The Administration shall use the Fund to make loans and
to pay expenses of the Program.

(c)  The State Treasurer shall hold and the State
Comptroller shall account for the Fund. The Fund shall be
invested and reinvested. Any investment earnings of the Fund
shall be paid into the Fund. Any repayment of loans from the
Fund shall be paid into the Fund.

(D) AT ANY TIME FOLLOWING THE FIRST 8 MONTHS OF ANY FISCAL
YEAR, THE DEPARTMENT MAY TRANSFER, SUBJECT TO THE PROVISIONS OF §
7-209 OF THE STATE FINANCE AND PROCUREMENT ARTICLE, UNENCUMBERED
MONEYS IN THE RENTAL HOUSING PROGRAMS FUND TO ANY OTHER FUND
ESTABLISHED UNDER THIS TITLE, EXCEPT AS MAY OTHERWISE BE PROVIDED
IN THE STATE BUDGET.

2-807.

The moneys in the Fund may be used to make deferred payment
loans, subordinate to other financing, to approved applicants for
the [new] ACQUISITION, construction, or [substantial]

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