Ch. 348                                           LAWS OF MARYLAND

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

1. FUNDS CONSTRUCTION OR INSURES ITS
FINANCING; OR

2. PROVIDES INTEREST SUBSIDY, RENT
SUBSIDE, OR RENT SUPPLEMENTS;

(III) THE OWNER AND THE GOVERNING BODY OF
MONTGOMERY COUNTY AGREE THAT THE OWNER SHALL PAY A NEGOTIATED
AMOUNT IN LIEU OF THE APPLICABLE COUNTY PROPERTY TAX; AND

(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 OF MONTGOMERY COUNTY TO ALLOW THE
PROPERTY OR A PORTION OF THE PROPERTY TO REMAIN AS SUBSIDIZED
HOUSING FOR A TERM OF AT LEAST 5 YEARS.---------------------------

(3) IF THE STRUCTURE AND FACILITIES OF 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.---------------------------------------------------

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989.

Approved May 19, 1989.

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