Section 6-606 – Community Development Fund
(a) There is a Community Development Fund. (b) The purpose of the Fund is to provide financial assistance for community development projects and community development organizations around the State. (c) The Department shall administer the Fund with the assistance of the Board. (d) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the […]
Section 6-902 – Tax Credit for Catalytic Revitalization Project — When Recapture of Tax Credit Not Allowed
(a) An individual, a nonprofit organization, or a business entity may claim a tax credit in an amount equal to 20% of the amount stated in the final tax credit certificate issued by the Secretary under § 6–903 of this subtitle for 5 consecutive taxable years beginning with the taxable year in which the catalytic revitalization […]
Section 6-607 – Administration of Fund by Department and Board
In consultation with the Board, the Department shall administer the Fund to provide financial assistance, including capital and operating grants, to community development projects and community development organizations to provide and support: (1) affordable housing; (2) neighborhood revitalization for residential and commercial areas; (3) housing counseling, financial counseling, and foreclosure prevention; (4) community organizing; (5) small business development; (6) community services; […]
Section 6-903 – Initial and Final Tax Credit Certificate — Limitations — Allocation of Credit — Transfer of Tax Credit
(a) (1) Subject to the limitations of paragraphs (2) and (3) of this subsection and subsection (b) of this section, on application by an individual, a nonprofit organization, or a business entity, the Secretary shall issue: (i) an initial tax credit certificate in an amount equal to 20% of the individual’s, nonprofit organization’s, or business entity’s estimated new […]
Section 6-608 – Department to Provide Financial Assistance From Fund
The Department shall provide financial assistance from the Fund in the form and manner the Department determines appropriate, including providing capital and operating grants.
Section 6-609 – Short Title
This subtitle is the Community Development Program Act.
Section 6-701 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Community development financial institution” has the meaning stated in 12 U.S.C. § 4702. (c) “Community development organization” means an entity that meets the requirements under § 6–704 of this subtitle. (d) (1) “Financial assistance” means a grant, a loan, or an investment provided under this subtitle. (2) “Financial assistance” […]
Section 6-505 – Application Process
(a) (1) A community development organization may apply to the Department to receive Program funds for community enhancement projects. (2) The Department shall establish the application process. (3) The application shall contain: (i) the neighborhood revitalization plan; (ii) a description of each community enhancement project; (iii) organizational documents for the community development organization; and (iv) any other information the Department requires. (b) (1) The Department, […]
Section 6-506 – Application Review Process; Financial Assistance to Applicants
(a) The Department shall: (1) review each application submitted under § 6–505 of this subtitle and may request additional information from the applicant; (2) accept public input on each application; and (3) consider the recommendation of any State unit. (b) (1) The Department may not approve an application until the Department has provided written notice and a reasonable opportunity to comment […]
Section 6-507 – Financial Assistance Program Agreement
(a) The Department and a recipient of financial assistance from the Program shall execute a Program agreement. (b) The recipient of financial assistance from the Program shall comply with the terms of the Program agreement. (c) The Program agreement may not allow for more than 40% of the total financial assistance that the Program provides to be used […]