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§ 6-307. Business Development Program--Financial assistance for project development costs

West's Annotated Code of MarylandHousing and Community DevelopmentEffective: October 1, 2017

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division I. Housing and Community Programs [Titles 1-11] (Refs & Annos)
Title 6. Division of Neighborhood Revitalization (Refs & Annos)
Subtitle 3. Neighborhood Business Development Program (Refs & Annos)
Effective: October 1, 2017
MD Code, Housing & Community Development, § 6-307
§ 6-307. Business Development Program--Financial assistance for project development costs
Currentness
In general
(a) Financial assistance under the Business Development Program shall be on the terms that the Department considers necessary to make the project financially feasible.
Development costs
(b) Financial assistance under the Business Development Program may be used for:
(1) a part of the development costs of a project;
(2) the development costs, working capital, or business expenses of a microenterprise project; or
(3) in accordance with § 6-308.3 of this subtitle, small loans for food desert projects.
Security
(c) The Department may require that financial assistance under the Business Development Program be secured by a mortgage or other security instrument, which may be subordinate to other security interests.
Modifications
(d) The Department may modify the interest rate, the time or amount of payment, or any other term of a grant or loan to facilitate the successful completion or operation of a project.
Contracts for services
(e) The Department may contract for services related to the Business Development Program.

Credits

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2010, c. 118, § 1, eff. Oct. 1, 2010; Acts 2017, c. 636, § 1, eff. Oct. 1, 2017.
MD Code, Housing & Community Development, § 6-307, MD HOUS & CMTY DEV § 6-307
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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