(2) adopt regulations to carry out the Business Development Program, including a process to designate an area as a food desert under subsection (c) of this section; and
(3) make a reasonable, good faith effort to make 25% of the Business Development Program loans and grants to microenterprises.
Disposition of Program loans and revenues
(b) The Department may:
(1) sell, assign, or otherwise dispose of a Program loan or revenue from a loan on terms and conditions acceptable to the Department, including selling loans at a discount, if the maximum sale proceeds in any fiscal year do not exceed limits that the Department sets by regulation;
(2) apply the proceeds received from a sale, assignment, or other disposition under item (1) of this subsection to the Fund;
(3) pledge a Program loan as security for any:
(i) business project loan, bond, or security that is issued, made, or purchased by the Community Development Administration under Title 4 of this article; or
(ii) insurance, guaranty, or credit enhancement on a Program loan or business project under § 4-223 of this article; and
(4) without approval or execution by the Board of Public Works, sell or assign any equity interest acquired under § 6-305(d) of this subtitle.
Designation of area as food desert
(c) The Secretary, on the recommendation of the Interagency Food Desert Advisory Committee established under § 6-308.2 of this subtitle, may designate an area as a food desert after considering the following factors:
(1) availability of fresh fruit, vegetables, and other healthy foods in the area;
(2) income levels of local residents;
(3) transportation needs of local residents and the availability of public transportation;
(4) comments from local governments; and
(5) any other factors that the Department considers relevant.
Credits
Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2014, c. 228, § 1, eff. Oct. 1, 2014; Acts 2016, c. 8, § 1, eff. March 14, 2016; Acts 2016, c. 482, § 2, eff. July 1, 2016; Acts 2017, c. 636, § 1, eff. Oct. 1, 2017; Acts 2019, c. 572, § 1, eff. June 1, 2019; Acts 2019, c. 573, § 1, eff. June 1, 2019; Acts 2022, c. 380, § 1, eff. July 1, 2022.
MD Code, Housing & Community Development, § 6-308, MD HOUS & CMTY DEV § 6-308
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.
