ROBERT L. EHRLICH, JR., Governor                              Ch. 76

EXCEED THE ESTIMATED AMOUNT OF PROPOSED REHABILITATION EXPENDITURES
STATED IN THE APPLICATION FOR APPROVAL OF THE PLAN OF PROPOSED
REHABILITATION; AND

(IV) IS NOT FUNDED, FINANCED, OR OTHERWISE REIMBURSED BY
ANY:

1.       STATE OR LOCAL GRANT;

2.       GRANT MADE FROM THE PROCEEDS OF TAX-EXEMPT
BONDS ISSUED BY THE STATE, A POLITICAL SUBDIVISION OF THE STATE, OR AN
INSTRUMENTALITY OF THE STATE OR OF A POLITICAL SUBDIVISION OF THE STATE;.

3.       STATE TAX CREDIT OTHER THAN THE TAX CREDIT UNDER
THIS SECTION; OR

4.       OTHER FINANCIAL ASSISTANCE FROM THE STATE OR A
POLITICAL SUBDIVISION OF THE STATE, OTHER THAN A LOAN THAT MUST BE REPAID
AT AN INTEREST RATE THAT IS GREATER THAN THE INTEREST RATE ON GENERAL
OBLIGATION BONDS ISSUED BY THE STATE AT THE MOST RECENT BOND SALE PRIOR
TO THE TIME THE LOAN IS MADE.

(10) "SUBSTANTIAL REHABILITATION" MEANS REHABILITATION OF A
STRUCTURE FOR WHICH THE QUALIFIED REHABILITATION EXPENDITURES, DURING
THE 24-MONTH PERIOD SELECTED BY THE INDIVIDUAL OR BUSINESS ENTITY
ENDING WITH OR WITHIN THE CALENDAR TAXABLE YEAR, EXCEED:

(I)      FOR OWNER-OCCUPIED RESIDENTIAL PROPERTY, $5,000; OR

(II)     FOR ALL OTHER PROPERTY, THE GREATER OF:

1.       THE ADJUSTED BASIS OF THE STRUCTURE; OR

2.       $5,000.

(B) (1) THE DIRECTOR SHALL ADOPT REGULATIONS TO:

(I)      ESTABLISH PROCEDURES AND STANDARDS FOR CERTIFYING
HERITAGE STRUCTURES AND REHABILITATIONS UNDER THIS SECTION;

(II)     FOR COMMERCIAL REHABILITATIONS, ESTABLISH AN
APPLICATION PROCESS FOR THE AWARD OF INITIAL CREDIT CERTIFICATES FOR
MARYLAND HERITAGE STRUCTURE REHABILITATION TAX CREDITS GRANTS TAX
CREDITS CONSISTENT WITH THE REQUIREMENTS OF THIS SUBSECTION; AND

(III)   FOR COMMERCIAL REHABILITATIONS, ESTABLISH A
COMPETITIVE AWARD PROCESS FOR THE AWARD OF INITIAL CREDIT CERTIFICATES
FOR MARYLAND HERITAGE STRUCTURE REHABILITATION TAX CREDITS GRANTS TAX
CREDITS THAT:

1. ENSURES TAX CREDITS GRANTS TAX CREDITS ARE
AWARDED IN A MANNER THAT REFLECTS THE GEOGRAPHIC DIVERSITY OF THE
STATE; AND

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