(a) There is a Neighborhood Business Development Fund.
Purposes of Fund
(b) The Department shall use the Fund to:
(1) operate and pay expenses of the Program; and
(2) provide financial assistance to small businesses, nonprofit organizations, and microenterprises.
Administration
(c)(1) The Department shall administer the Fund.
(2) The State Treasurer shall hold and the Comptroller shall account for the Fund.
Status
(d) The Fund is a continuing, nonlapsing special fund that is not subject to § 7-302 of the State Finance and Procurement Article.
Composition
(e) The Fund consists of:
(1) money appropriated in the State budget for the Program;
(2) any repayment or prepayment of financial assistance under this subtitle or under the State Action Loans for Targeted Areas Program under former Article 83B, Title 4, Subtitle 6, of the Code;
(3) money transferred to the Fund from any other fund as provided in this article;
(4) money received from the sale, assignment, or other disposition of Program loans and equity interests;
(5) other money received by the Program under this subtitle or from the Community Development Administration under Subtitle 2 of this title; and
(6) investment earnings of the Fund.
Investment
(f) The Fund shall be invested in the same way as other State money.
Transfers
(g) With the approval of the Legislative Policy Committee and, subject to § 7-209 of the State Finance and Procurement Article, after the first 8 months of a fiscal year, the Department may transfer unencumbered money in the Fund to:
(1) any other fund established under this title;
(2) the Community Development Administration to provide financial assistance to business projects; and
(3) the Maryland Housing Fund under Title 3 of this article to provide insurance, credit enhancement, or a guaranty on:
(i) a Program loan; or
(ii) a business project loan, bond, or security that is issued, made, or purchased by the Community Development Administration under Title 4 of this article.
Credits
Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2005, c. 25, § 13, eff. April 12, 2005; Acts 2016, c. 482, § 2, eff. July 1, 2016; Acts 2022, c. 380, § 1, eff. July 1, 2022.
MD Code, Housing & Community Development, § 6-310, MD HOUS & CMTY DEV § 6-310
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.
