(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.