(a) In this subtitle the following words have the meanings indicated.
(b) “Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary.
(c) “Fund” means the Regional Institution Strategic Enterprise Zone Fund created under § 5–1408 of this subtitle.
(d) “Nonprofit organization” means an organization that is exempt or eligible for exemption from taxation under § 501(c)(3) of the Internal Revenue Code.
(e) “Qualified institution” means an entity that is designated as a qualified institution under § 5–1403 of this subtitle and may include:
(1) a regional higher education center as defined under § 10–101 of the Education Article;
(2) an institution of higher education as defined under § 10–101 of the Education Article; or
(3) a nonprofit organization that is affiliated with a federal agency.
(f) “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 § 5–1404 of this subtitle and is designated as a Regional Institution Strategic Enterprise zone by the Secretary under § 5–1404 of this subtitle.