Ch. 227

LAWS OF MARYLAND

(ii) For all other projects, all residential
units will be occupied by families of lower income.

(2) "Rental housing production project" or "project"
includes:

(I)   [limited] LIMITED equity cooperative
housing if such housing [also] satisfies , AT THE TIME OF SALE OR
TRANSFER OF SHARES, the occupancy requirements contained in this
subsection; AND

(II)  SINGLE ROOM OCCUPANCY BUILDINGS AND SHARED
LIVING UNIT FACILITIES AND EMERGENCY AND TEMPORARY SHELTERS.

[(1)] (M) "Sponsor" means any political subdivision,
person, partnership, joint venture, corporation, nonprofit
organization, or other legal entity, including the Department,
that applies for a loan under the Rental Housing Production
Program established under this subtitle.

2-505.

(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 Rental Housing
Production 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 RENTAL HOUSING PRODUCTION PROGRAM
AUTHORIZED BY THIS SUBTITLE, THE ELDERLY RENTAL HOUSING PROGRAM
AUTHORIZED BY SUBTITLE 8 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 FUND IN ACCORDANCE WITH
§§ 2-608(D) 2-613(D), 2-708(D), 2-313(K) 2-313(H), AND 2-1006(E)

OF THIS TITLE.

(b)  The Department shall use the Fund to make loans and to
pay expenses of the Program. Upon issuance of a binding
commitment to make a loan, an amount equal to the commitment
shall be transferred from the Fund to the Department.

(c)  The State Treasurer shall hold and the State
Comptroller shall account for the RENTAL HOUSING PROGRAMS Fund.
The Fund shall be invested and reinvested. Any investment

- 2170 -