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§ 9-402. Requirements for community reinvestment projects

West's Annotated Code of MarylandHousing and Community DevelopmentEffective: October 1, 2015

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division I. Housing and Community Programs [Titles 1-11] (Refs & Annos)
Title 9. Community Reinvestment Fund (Refs & Annos)
Subtitle 4. Reinvestment Assistance (Refs & Annos)
Effective: October 1, 2015
MD Code, Housing & Community Development, § 9-402
§ 9-402. Requirements for community reinvestment projects
Currentness
Meeting specified needs
(a) A project qualifies as a community reinvestment project if the Secretary determines in writing that the community reinvestment project meets:
(1) affordable housing needs of limited income households in the State;
(2) capital, operating, and other credit needs of small businesses in the State, including farm businesses, if the assets, income, and number of employees of the business do not exceed limits that the Secretary of Commerce establishes; or
(3) capital, operating, and other credit needs of individuals, community organizations, and businesses located in or serving communities or neighborhoods in the State that have urgent needs for reinvestment due to deteriorating social or economic conditions.
Conformity to guidelines and policies; approval by loan committee
(b) A community reinvestment project shall:
(1) conform to eligibility guidelines and financing policies consistent with this subtitle that the Board develops and the Secretary approves; and
(2) be submitted to and approved by the loan committee appointed by the Board under § 9-204(d) of this title.

Credits

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2015, c. 22, § 5.
MD Code, Housing & Community Development, § 9-402, MD HOUS & CMTY DEV § 9-402
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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