Section 9-403 – Applications for Assistance
(a) An application for community reinvestment assistance shall be made to the Department of Housing and Community Development, to the Department of Commerce, to an entity contributing to the Fund, or, if the Board allows, directly to the Fund. (b) The Department of Housing and Community Development and the Department of Commerce may provide technical assistance in […]
Section 8-108 – Financial Assistance
The Secretary may provide financial assistance to designated community action agencies in accordance with distribution standards set by regulation.
Section 9-404 – Methods of Providing Assistance
To provide community reinvestment assistance, the Board may: (1) invest in, purchase, make commitments to purchase, or take assignments from mortgage lenders of notes and mortgages evidencing mortgage loans; (2) act as a guarantor or conduit for mortgage backed securities; (3) make loans to recipients of community reinvestment assistance or to mortgage lenders; (4) sell at public or private […]
Section 8-109 – Regulations
(a) The Secretary shall adopt regulations to carry out this title. (b) The regulations shall include provisions that: (1) ensure that each designated community action agency receives at least as much federal money as the community action agency received in federal fiscal year 1994, unless the federal funding is reduced; and (2) allocate remaining federal money to those community […]
Section 9-102 – Findings
(a) The General Assembly finds that: (1) some communities and neighborhoods in the State are in economic and social distress because of a shortage of significant private investment; (2) financial institutions in the State are recognizing a heightened responsibility to provide financial assistance to these communities and neighborhoods; and (3) federal and State regulators are requiring more community reinvestment […]
Section 9-201 – Established
There is a Community Reinvestment Board.
Section 9-203 – Meetings
The Board shall set the times and places of its meetings.
Section 9-204 – Operation, Powers, and Duties
(a) Subject to the requirements of this title, the organizational documents of the Fund shall govern the operation of the Board, including quorum and voting requirements. (b) The Board has all powers arising from the documents and procedures creating and organizing the Fund as an independent legal entity. (c) The Board shall: (1) operate the Fund; (2) keep proper records […]
Section 9-301 – Established; Purpose of Fund
(a) There is a Community Reinvestment Fund. (b) The purpose of the Fund is to administer the use and reinvestment of money that may be credited, paid, or otherwise transferred to the Fund from any entity approved by the Board to participate in the Fund, including a bank, savings institution, or other financial institution.
Section 9-302 – Status; Exemptions
(a) (1) The Fund is a private, independent legal entity to be assisted by the Department under this title and is not a governmental unit of the State. (2) Any dividends, royalties, or other earnings received from community reinvestment assistance, or from any other investment made by the Board under this title, is money of the Fund, and […]