| (iv) Property that was owned and occupied or | used to provide residential rental housing | that qualified for exemption under paragraph | A or B prior to September 1, 1993; or |
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| (v) Property exempt from taxation under | other provisions of law; and |
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| (7) In addition to the requirements of subparagraphs | (1) to (4), an exemption is not allowed under paragraph | A or B for real or personal property owned and occupied | or used to provide residential rental housing that is | transferred or placed in service on or after September | 1, 1993, unless the property is owned by a nonprofit | housing corporation and the operation of the | residential rental housing is not an unrelated trade or | business to the nonprofit housing corporation. |
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| For the purposes of this subparagraph, the following | terms have the following meanings. |
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| (a) "Nonprofit housing corporation" means a | nonprofit corporation organized in the State that | is exempt from tax under Section 501(c)(3) of the | Code and has among its corporate purposes the | provision of services to people of low income or | the construction, rehabilitation, ownership or | operation of housing. |
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| (b) "Residential rental housing" means one or | more buildings, together with any facilities | functionally related and subordinate to the | building or buildings, containing one or more | similarly constructed residential units offered | for rental to the general public for use on other | than a transient basis, each of which contains | separate and complete facilities for living, | sleeping, eating, cooking and sanitation. |
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| (c) "Unrelated trade or business" means any trade | or business whose conduct is not substantially | related to the exercise or performance by a | nonprofit organization of the purposes | constituting the basis for exemption under Section | 501(c)(3) of the Code. |
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| | Sec. 17. 38 MRSA §488, sub-§23, as enacted by PL 2005, c. 217, §1, is | amended to read: |
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