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Statutes Text

Article - Housing and Community Development


    (a)    A project qualifies as a business project if the project is:

        (1)    located in:

            (i)    an area designated as a priority funding area under § 5–7B–02 of the State Finance and Procurement Article; or

            (ii)    a qualified opportunity zone designated under § 1400Z–1 of the Internal Revenue Code in Allegany County, Garrett County, Somerset County, or Wicomico County; and

        (2)    (i)    acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by a person or an entity for the purposes of carrying on a business whether or not for profit; or

            (ii)    eligible for funding from the Neighborhood Business Development Fund under § 6–310 of this article.

    (b)    Repayment of principal and interest for a business project may be secured by:

        (1)    real property;

        (2)    personal property;

        (3)    bank accounts;

        (4)    certificates of deposit, stocks, and bonds;

        (5)    credit enhancement, assurance, or guaranty; or

        (6)    any other collateral acceptable to the Administration.

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