Bill number does not exist. Enter a vaild keyword.

Statutes Text

Article - Housing and Community Development




§6–308.

    (a)    The Department shall:

        (1)    administer the Business Development Program;

        (2)    adopt regulations to carry out the Business Development Program, including a process to designate an area as a food desert under subsection (c) of this section; and

        (3)    make a reasonable, good faith effort to make 25% of the Business Development Program loans and grants to microenterprises.

    (b)    The Department may:

        (1)    sell, assign, or otherwise dispose of a Program loan or revenue from a loan on terms and conditions acceptable to the Department, including selling loans at a discount, if the maximum sale proceeds in any fiscal year do not exceed limits that the Department sets by regulation;

        (2)    apply the proceeds received from a sale, assignment, or other disposition under item (1) of this subsection to the Fund; and

        (3)    pledge a Program loan as security for any:

            (i)    business project loan, bond, or security that is issued, made, or purchased by the Community Development Administration under Title 4 of this article; or

            (ii)    insurance, guaranty, or credit enhancement on a Program loan or business project under § 4–223 of this article.

    (c)    The Secretary, on the recommendation of the Interagency Food Desert Advisory Committee established under § 6–308.2 of this subtitle, may designate an area as a food desert after considering the following factors:

        (1)    availability of fresh fruit, vegetables, and other healthy foods in the area;

        (2)    income levels of local residents;

        (3)    transportation needs of local residents and the availability of public transportation;

        (4)    comments from local governments; and

        (5)    any other factors that the Department considers relevant.



Click to return on the top page