Title 4. Division of Development Finance — Subtitle 10. Neighborhood Housing Services Fund

“Operating budget” means the money necessary to operate a neighborhood corporation, including money to pay:

“Operating budget” does not include money allocated to revolving or other loan funds.

submit a timely application in the form that the Secretary prescribes;

create a board of directors composed of:

be authorized to establish and administer a revolving loan fund by lending money at flexible rates and terms to neighborhood homeowners who cannot obtain mortgage financing on reasonable terms through normal lending channels to preserve or revitalize neighborhoods and encourage homeownership; and

be authorized to establish and administer, in cooperation with appropriate officials of the political subdivision, a housing program to bring neighborhood dwellings to acceptable levels of health and safety.

a description of the boundaries of the area that the neighborhood corporation or Program serves;

certification that the applicant is registered with the Neighborhood Reinvestment Corporation;

certification of incorporation under State law;

certification of receipt of a ruling from the Internal Revenue Service that the applicant is exempt from federal income taxation;

certification that the portion of the applicant’s annual operating budget that will not be covered by the grant sought has been provided exclusively from political subdivisions or private sources; and

any other information that the Secretary requires.

Each eligible neighborhood corporation may apply for a grant in an amount up to $50,000 that does not exceed one-third of its annual operating budget.

Each umbrella corporation may apply for a grant for each program under its supervision in an amount up to $50,000 that does not exceed one-third of the annual operating budget of the program.