A corporation, foundation, or other legal entity qualifies as a community development organization if: (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.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.