(a) There is an Appraisal Gap From Historic Redlining Financial Assistance Fund.
(b) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2) The money in the Fund shall be invested and reinvested by the State Treasurer, and interest and earnings shall be credited to the General Fund of the State.
(c) (1) (i) Except as otherwise provided in this paragraph, for any fiscal year, the Department may not provide financial assistance under this subtitle in the aggregate totaling more than the amount appropriated for the Fund for that fiscal year in the State budget as approved by the General Assembly.
(ii) If the aggregate financial assistance amounts provided in a fiscal year total less than the amount appropriated for the Fund for that fiscal year, any excess amount shall remain in the Fund and may be allocated for the next fiscal year.
(iii) For any fiscal year, if funds are transferred from the Fund under the authority of any provision of law other than subsection (d) of this section, the maximum financial assistance amounts in the aggregate that the Department may provide shall be reduced by the amount transferred.
(2) Notwithstanding the provisions of § 7–213 of the State Finance and Procurement Article, the Governor may not reduce an appropriation for the Fund in the State budget as approved by the General Assembly.
(d) Money in the Fund may be used only for the purpose of providing financial assistance in accordance with this subtitle.
(e) On or before January 1 each year, each county shall submit a report to the Department that details the targeted areas for homeownership that would qualify for financial assistance provided under this subtitle.
(f) On or before March 1 each year, the Department shall submit a report, in accordance with § 2–1257 of the State Government Article, to the Senate Budget and Taxation Committee, the House Appropriations Committee, and the House Committee on Ways and Means on the number of funds deployed to census tracts with a majority racial minority population.