(a) If the Department determines that an entity is capable of administering a food desert project, the entity may originate and administer financial assistance to a food desert project in accordance with standards the Department adopts by regulation.
Powers of Department relating to financial assistance
(b) The Department may:
(1) pay an approved entity a reasonable origination, application, and processing fee for each food desert project that is originated by the approved entity;
(2) directly fund the financial assistance for a food desert project that is originated by an approved entity;
(3) provide financial assistance to an approved entity for the purpose of the approved entity providing financial assistance for a food desert project in accordance with this subtitle; and
(4)(i) provide small loans in amounts that are not more than $100,000 per loan to an approved entity for assistance in providing or maintaining access to healthy food in urban or rural food deserts, including by providing loans for:
1. refrigerators, freezers, and other equipment; and
2. subject to subsection (c) of this section, operating costs incurred in providing access to healthy food in urban or rural food deserts; and
(ii) work with intermediaries to administer the small loans authorized under item (i) of this paragraph.
Forgiving loan for operating costs
(c) The Department shall forgive a loan for operating costs made under subsection (b)(4)(i)2 of this section after 5 years, if the loan recipient maintains continuous operations at the same location during that time.
Credits
Added by Acts 2014, c. 228, § 1, eff. Oct. 1, 2014. Amended by Acts 2017, c. 636, § 1, eff. Oct. 1, 2017; Acts 2021, c. 91, § 1, eff. July 1, 2021.
MD Code, Housing & Community Development, § 6-308.3, MD HOUS & CMTY DEV § 6-308.3
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.
