WILLIAM DONALD SCHAEFER, Governor

Ch. 348

REHABILITATED UNDER A FEDERAL, STATE, OR LOCAL GOVERNMENT PROGRAM
THAT:

1. FUNDS CONSTRUCTION OR INSURERS ITS

FINANCING; OR

2. PROVIDES INTEREST SUBSIDY, RENT

SUBSIDY, OR RENT SUPPLEMENTS;

(III) THE OWNER AND THE GOVERNING BODY OF THE
COUNTY AND, WHERE APPLICABLE, THE MUNICIPAL CORPORATION WHERE THE
PROPERTY IS LOCATED AGREE THAT THE OWNER SHALL PAY A NEGOTIATED
AMOUNT IN LIEU OF THE APPLICABLE COUNTY OR MUNICIPAL CORPORATION
PROPERTY TAX; AND

(II) (IV) THE OWNER OF THE REAL PROPERTY:

1. AGREES TO CONTINUE TO MAINTAIN THE
REAL PROPERTY AS SUBSIDIZED RENTAL HOUSING UNDER THE TERMS OF THE
ORIGINAL REGULATORY AGREEMENT;

2. AGREES TO RENEW THE ANNUAL

CONTRIBUTIONS CONTRACT FOR RENTAL SUBSIDY; OR

3. ENTERS INTO ANOTHER TYPE OF AGREEMENT
WITH THE GOVERNING BODY TO ALLOW THE PROPERTY OR A PORTION OF THE
PROPERTY TO REMAIN AS SUBSIDIZED HOUSING FOR A TERM OF AT LEAST 5
YEARS.

[(3)] (4) If the structure and facilities or the real
property are used predominantly for residential purposes, the
real property may contain service facilities to serve its
occupants and the surrounding neighborhood.

(b) Real property described in subsection (a) of this
section is exempt when the requirements of subsection (a) of this
section are met.

7-506.1.

(A) (1) IN THIS SUBSECTION, "SERVICE FACILITIES" INCLUDES
NONDWELLING COMMERCIAL AND COMMUNITY FACILITIES, COMMUNITY ROOMS,
DINING HALLS, AND INFIRMARIES.

(2) REAL PROPERTY IS EXEMPT FROM MONTGOMERY COUNTY
PROPERTY TAX IF:

(I) THE REAL PROPERTY IS OWNED BY A PERSON
ENGAGED IN CONSTRUCTING OR OPERATING HOUSING STRUCTURES OR
PROJECTS;---------------------------------------------------------

(II) THE REAL PROPERTY IS USED FOR A HOUSING
STRUCTURE OR PROTECT THAT IS CONSTRUCTED OR SUBSTANTIALLY

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