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

(i) Owner-occupied single family residential structures; and

(ii) Commercial rehabilitations.

(h) (1) Subject to the provisions of this subsection, the provisions of this
section and the tax credit authorized under this section shall terminate as of June 1,
2004 JULY 1, 2004.

(2) On and after June 1, 2004 JULY 1, 2004:

(i) The tax credit authorized under this section may be claimed for
[rehabilitation projects]:

1. A PROJECT FOR REHABILITATION OF A SINGLE-FAMILY,
OWNER-OCCUPIED RESIDENCE for which an application for approval of a plan of
proposed rehabilitation was received by the Director on or before May 31, 2004 JUNE
30, 2004; OR

2. A COMMERCIAL REHABILITATION PROJECT FOR WHICH
AN APPLICATION OF A PLAN OF PROPOSED REHABILITATION HAS BEEN APPROVED
BY THE DIRECTOR ON OR BEFORE MAY 31, 2004 JUNE 30, 2004.

(ii) The Director shall continue to report to the Governor and the
General Assembly as required under subsection (g) for as long as any rehabilitation
project for which an application for approval of a plan of proposed rehabilitation was
received by the Director on or before May 31, 2001 JUNE 30, 2004 remains incomplete.

(i) (1) From February 1, 2003 through December 31, 2003, the Director may
not approve plans of proposed rehabilitations reflecting proposed rehabilitation
expenditures for commercial projects in the aggregate in an amount greater than the
amount of expenditures that if completed would result in credits totaling $23,000,000
for all commercial projects for which plans of proposed rehabilitation are approved
during that period.

(2)     In calendar year 2004, the Director may not approve plans of
proposed rehabilitations reflecting proposed rehabilitation expenditures for
commercial projects in the aggregate in an amount greater than the amount of
expenditures that if completed would result in credits totaling $15,000,000 $25,000,000
for all commercial projects for which plans of proposed rehabilitation are approved in
that year.

(3)     (I) In EXCEPT AS PROVIDED IN SUBPARAGRAPH (II) OF THIS
PARAGRAPH, IN each calendar year, subject to regulations that the Director adopts,
the Director shall approve plans of proposed rehabilitations on a first-come, first
served basis.

(II) FOR CALENDAR YEAR 2004, $10,000,000 OF THE TOTAL $25,000,000
IN CREDITS AVAILABLE FOR COMMERCIAL PROJECTS SHALL BE ALLOCATED UNDER
A COMPETITIVE AWARD PROCESS ESTABLISHED BY THE DIRECTOR AS PROVIDED IN
SUBPARAGRAPH (III) OF THIS PARAGRAPH.

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