§ 5-1407. Rental assistance programs
West's Annotated Code of MarylandEconomic DevelopmentEffective: June 1, 2021
West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division I. Secretary of Commerce and Department of Commerce [Titles 1-8] (Refs & Annos)
Title 5. Economic Development and Financial Assistance Programs (Refs & Annos)
Subtitle 14. Regional Institution Strategic Enterprise Zone Program (Refs & Annos)
Effective: June 1, 2021
MD Code, Economic Development, § 5-1407
§ 5-1407. Rental assistance programs
(a)(1)(i) A qualified institution, a county and, if applicable, a municipal corporation, or the economic development agency of a county or municipal corporation may establish a program to provide rental assistance to a business entity that:
(2)(i) A qualified institution, a county and, if applicable, a municipal corporation, or the economic development agency of a county or municipal corporation that establishes a rental assistance program in accordance with paragraph (1) of this subsection may submit a request to receive a distribution of matching funds from the Fund.
(b)(1) The Department shall review each request for distribution of matching funds from the Fund for compliance with the provisions of this section and Department regulations.
(2) Subject to the availability of funds in the Fund and paragraph (3) of this subsection, if the Department approves a request for distribution of matching funds from the Fund, the Department shall distribute to a fund dedicated to the applicant's rental assistance program an amount equal to three times the amount of funding specified under subsection (a)(2)(ii)2 of this section.
(c)(1) Within 90 days after approval by the Department of a request for matching funds under subsection (a) of this section, the applicant shall deposit an amount equal to or greater than the amount specified under subsection (a)(2)(ii)2 of this section into a fund dedicated to the applicant's rental assistance program.
(3) If the Department fails to allocate the funds in the Fund under this subtitle and rental assistance programs in a single RISE zone have previously received 25% of cumulative program funds from the Fund, the Department may distribute additional funds to applicants for that RISE zone in accordance with this subtitle.
(d)(1) On or before September 15 each year, a rental assistance program that has received a distribution of funds from the Fund shall submit to the Department an annual report in the form and containing the information required by the Secretary.
(e) A rental assistance program that receives a distribution of matching funds from the Fund shall be subject to an audit at least once every 3 years by an independent certified public accountant that the applicant and the Department select.
(f) Based on the findings of an audit conducted under subsection (e) of this section, the Department may make an assessment against a qualified institution, a county, a municipal corporation, or an economic development agency to recapture any misused or undistributed funds.
Credits
Added by Acts 2021, c. 206, § 1, eff. June 1, 2021; Acts 2021, c. 207, § 1, eff. June 1, 2021.
MD Code, Economic Development, § 5-1407, MD ECON DEV § 5-1407
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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