(a) In this section, a "qualified cooperating nonprofit organization" means a nonprofit organization in good standing with the State Department of Assessments and Taxation that: (1) is based in the State; (2) operates statewide; and (3) has demonstrated experience: (i) rehabilitating historic structures; (ii) managing preservation funds; and (iii) holding preservation easements. (b) (1) A qualified cooperating nonprofit organization may use funds provided by the Trust only: (i) to pay for the qualified cooperating nonprofit organization to acquire historic properties or interests in historic properties for resale or lease; (ii) to pay costs, including preparation and administrative costs, to restore or rehabilitate historic properties owned by the qualified cooperating nonprofit organization for resale or lease; (iii) to make loans to other nonprofit organizations, political subdivisions, and business entities to acquire, rehabilitate, restore, or refinance historic properties; (iv) to make loans to individuals to rehabilitate or restore historic properties recognized by the National Park Service as National Historic Landmarks; or (v) for necessary administrative and programmatic expenses associated with carrying out the transfer of funds. (2) A qualified cooperating nonprofit organization shall develop a competitive process for making awards of financial assistance with funds received from the Trust. (c) A qualified cooperating nonprofit organization receiving funds from the Trust, in coordination with the Director, shall adopt appropriate guidelines to carry out the purposes enumerated in subsection (b) of this section. (d) A qualified cooperating nonprofit organization shall make the following information available on its website: (1) the guidelines established under subsection (c) of this section; (2) the availability of funds; and (3) information on projects receiving financial assistance from the transferred funds. (e) (1) On or before June 30 each year, a qualified cooperating nonprofit organization shall provide an annual report to the Trust outlining all funds received. (2) The annual financial review or audit of the organization shall be provided at the request of the Trust to confirm the intended use of the transferred funds.
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