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§ 4-223. Business project

West's Annotated Code of MarylandHousing and Community DevelopmentEffective: July 1, 2022 to June 30, 2026

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division I. Housing and Community Programs [Titles 1-11] (Refs & Annos)
Title 4. Division of Development Finance (Refs & Annos)
Subtitle 2. Community Development Administration (Refs & Annos)
Part III. Projects (Refs & Annos)
Effective: July 1, 2022 to June 30, 2026
MD Code, Housing & Community Development, § 4-223
§ 4-223. Business project
Currentness
<Section effective until July 1, 2026. See, also, section 4-223 effective July 1, 2026.>
In general
(a) A project qualifies as a business project if the project is:
(1) located in:
(i) an area designated as a priority funding area under § 5-7B-02 of the State Finance and Procurement Article; or
(ii) a qualified opportunity zone designated under § 1400Z-1 of the Internal Revenue Code in Allegany County, Baltimore City, Baltimore County, Charles County, Garrett County, Howard County, Montgomery County, Prince George's County, Somerset County, or Wicomico County; and
(2)(i) acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by a person or an entity for the purposes of carrying on a business whether or not for profit; or
(ii) eligible for funding from the Neighborhood Business Development Fund under § 6-310 of this article.
Security
(b) Repayment of principal and interest for a business project may be secured by:
(1) real property;
(2) personal property;
(3) bank accounts;
(4) certificates of deposit, stocks, and bonds;
(5) credit enhancement, assurance, or guaranty; or
(6) any other collateral acceptable to the Administration.
Financial assistance
(c) Financial assistance for a business project may be provided as:
(1) a loan;
(2) a reduction in the principal obligation of or interest rate on a loan or portion of a loan;
(3) a prepayment of interest on a subordinate or superior loan or portion of a loan;
(4) an assurance;
(5) a guarantee or other form of credit enhancement; or
(6) a promissory note that may be converted to an equity ownership interest and liquidated at the earliest opportunity to realize the highest market value for the Administration.

Credits

Added by Acts 2016, c. 482, § 2, eff. July 1, 2016. Amended by Acts 2019, c. 211, § 3, eff. July 1, 2019; Acts 2022, c. 380, § 1, eff. July 1, 2022.
MD Code, Housing & Community Development, § 4-223, MD HOUS & CMTY DEV § 4-223
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.
End of Document