In this part the following words have the meanings indicated. “Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary. “Fund” means the Regional Institution Strategic Enterprise Zone Fund created under § 10–144 of this subtitle. “Nonprofit organization” means an organization that is exempt or eligible for exemption from taxation under § 501(c)(3) of the Internal Revenue Code. “Qualified institution” means an entity that is designated as a qualified institution under § 10–139 of this subtitle and may include: a regional higher education center as defined under § 10–101 of the Education Article; an institution of higher education as defined under § 10–101 of the Education Article; or a nonprofit organization that is affiliated with a federal agency. “RISE zone” means a geographic area in immediate proximity to a qualified institution that is targeted for increased economic and community development that meets the requirements of § 10–140 of this subtitle and is designated as a Regional Institution Strategic Enterprise zone by the Corporation under § 10–140 of this subtitle.