WILLIAM DONALD SCHAEFER, Governor                            Ch. 583

(2) 80% FOR THE SECOND TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;

(3)      60% FOR THE THIRD TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;

(4)      40% FOR THE FOURTH TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;

(5)      20% FOR THE FIFTH TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT; AND

(6)      0% FOR EACH TAXABLE YEAR THEREAFTER.

(D) (1) TO CONTINUE ELIGIBILITY FOR A TAX CREDIT UNDER THIS
SECTION, THE PROPERTY MUST REMAIN IN COMPLIANCE WITH THE LOCAL HOUSING
CODE.

(2) IF PROPERTY OWNED BY A PERSON WHO HAS RECEIVED A TAX
CREDIT UNDER THIS SECTION IS FOUND TO BE IN VIOLATION OF THE LOCAL
HOUSING CODE, THE PROPERTY OWNER IS NOT ELIGIBLE FOR ANY FURTHER TAX
CREDIT UNDER THIS SECTION UNTIL THE PROPERTY IS DETERMINED AGAIN TO BE
IN COMPLIANCE WITH THE LOCAL HOUSING CODE.

(3) A PROPERTY THAT IS AGAIN BROUGHT INTO COMPLIANCE IS
ELIGIBLE FOR A TAX CREDIT AT THE RATE IT WOULD HAVE BEEN ELIGIBLE BEFORE
THE VIOLATION OF THE LOCAL HOUSING CODE.

(E)     IF PROPERTY THAT IS ELIGIBLE FOR A TAX CREDIT UNDER THIS SECTION
IS TRANSFERRED, THE GRANTEE IS ELIGIBLE FOR THE BALANCE OF THE PROPERTY
TAX CREDITS UNDER THIS SECTION IN THE SAME MANNER AND UNDER THE SAME
CONDITIONS AS THE GRANTOR OF THE PROPERTY.

(F)      THE DEPARTMENT OF ASSESSMENTS AND TAXATION:

(1) SHALL ASSIST THE LOCAL JURISDICTIONS IN THE IMPLEMENTATION
OF THE TAX CREDIT UNDER THIS SECTION; AND

(2) MAY ADOPT REGULATIONS NECESSARY TO CARRY OUT THIS
SECTION.

9-304.

(C) (1) IN THIS SUBSECTION, "VACANT DWELLING" MEANS RESIDENTIAL
REAL PROPERTY THAT:

(I)       CONTAINS NO MORE THAN FOUR DWELLING UNITS; AND

(II)     1. HAS BEEN CITED AS VACANT AND ABANDONED ON A
HOUSING OR BUILDING VIOLATION NOTICE FOR 1 YEAR; OR

2. HAS BEEN OWNED BY THE MAYOR AND CITY COUNCIL OF
BALTIMORE CITY FOR 1 YEAR AND IS IN NEED OF SUBSTANTIAL REPAIR TO COMPLY
WITH APPLICABLE CITY CODES.

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