Md. Code Ann., Hous. & Cmty. Dev. § 6-203
Community development organization
Effective Jun 1, 2010Added as Housing and Community Development § 6-204 by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Renumbered as Housing and Community Development § 6-203 by Acts 2010, c. 487, § 1, eff. June 1, 2010.State of Maryland
- (1) its purpose is to improve the physical, economic, or social environment of the area where it operates; and
- (2) no part of its net earnings inures to the benefit of a private shareholder or individual holding an interest in that entity.
A corporation, foundation, or other legal entity qualifies as a community development organization if:
Added as Housing and Community Development § 6-204 by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Renumbered as Housing and Community Development § 6-203 by Acts 2010, c. 487, § 1, eff. June 1, 2010.