(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” […]
(a) There is a National Capital Strategic Economic Development Program. (b) The Department shall administer the Program. (c) The purpose of the Program is to: (1) provide strategic investment in local housing and businesses to encourage healthy, sustainable communities with a growing tax base and enhanced quality of life; and (2) focus on areas where modest investment and coordinated strategies […]
(a) The community enhancement projects eligible to receive Program funds include: (1) down payment assistance for homebuyers to purchase and rehabilitate homes; (2) programs to acquire or rehabilitate vacant or blighted properties; (3) programs to improve existing residential and business properties; (4) programs to achieve energy efficiency through weatherization and energy retrofits; (5) development of affordable housing; (6) development of mixed–use projects […]
(a) (1) A government agency, including a housing authority, with jurisdiction in the national capital region, an entity controlled directly or indirectly by a housing authority that operates in the national capital region, and, subject to paragraph (2) of this subsection, a community development organization are eligible to apply for program funds. (2) A corporation, a foundation, or […]
(a) (1) A government agency, including a housing authority, with jurisdiction in the national capital region, an entity controlled directly or indirectly by a housing authority that operates in the national capital region, and a community development organization may apply to the Department to receive Program funds for community enhancement projects. (2) The Department shall establish the application […]
(a) The Department shall: (1) review each application submitted under § 6–705 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 […]
(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 […]
(a) The Department has the powers necessary to implement the Program. (b) (1) The Department may determine the terms and conditions for or establish time limits for the use of financial assistance awarded under this subtitle. (2) The financial assistance awarded under this subtitle may be secured by a mortgage, a lien, or any other security interest that is […]
(a) The recipient of financial assistance from the Program shall submit to the Department quarterly progress reports on the development of a community enhancement project. (b) (1) On or before October 31 each year, the Department shall submit a report to the Governor and, subject to § 2–1257 of the State Government Article, the General Assembly. (2) The report […]
(a) In this section, “Fund” means the National Capital Strategic Economic Development Fund. (b) There is a National Capital Strategic Economic Development Fund. (c) The purpose of the Fund is to provide financial assistance under the Program. (d) The Department shall administer the Fund. (e) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of […]
