Ch. 115

1995 LAWS OF MARYLAND

(3)      THE PROJECT IS READY TO PROCEED UPON FUNDING OF FINANCIAL
ASSISTANCE FROM THE PROGRAM; AND

(4)      THE LOCAL JURISDICTION ADOPTED A LOCAL RESOLUTION
EXPRESSING SUPPORT FOR THE PROJECT.

2-1305.

THE DEPARTMENT SHALL:

(1)      MANAGE, SUPERVISE, AND ADMINISTER THE PROGRAM;

(2)      ADOPT RULES AND REGULATIONS TO CARRY OUT THE PROGRAM IN
CONFORMANCE WITH STATUTORY REQUIREMENTS; AND

(3)      ADOPT POLICIES AND PROCEDURES THAT ENCOURAGE SMALL
BUSINESS DEVELOPMENT IN DESIGNATED NEIGHBORHOODS FOR EACH CATEGORY
OF FINANCING DESCRIBED UNDER § 2-1304(A) OF THIS SUBTITLE, ESTABLISH
MINIMUM PERCENTAGES OR AMOUNTS OF PRIVATE AND NON-STATE PUBLIC
FUNDING THAT THE APPLICANT IS REQUIRED TO SECURE BEFORE THE
DEPARTMENT MAY DETERMINE THAT THE APPLICANT IS QUALIFIED FOR THE
PROGRAM.

2-1306.

(A)     FINANCIAL ASSISTANCE MAY BE USED TO FINANCE A PORTION OF THE
DEVELOPMENT COSTS OF A NEIGHBORHOOD BUSINESS DEVELOPMENT PROJECT.

(B)     THE FINANCIAL ASSISTANCE SHALL BE ON SUCH TERMS AS THE
DEPARTMENT DEEMS NECESSARY TO MAKE THE ENTERPRISE FINANCIALLY
FEASIBLE.

(C)     FINANCIAL ASSISTANCE UNDER THE NEIGHBORHOOD BUSINESS
DEVELOPMENT PROGRAM MAY BE SECURED, AT THE DISCRETION OF THE
DEPARTMENT, BY A MORTGAGE LIEN OR OTHER SECURITY INSTRUMENT, WHICH
MAY BE SUBORDINATE TO OTHER SECURITY INTERESTS.

(D) THE DEPARTMENT MAY:

(1)      MODIFY THE RATE OF INTEREST, THE TIME OR AMOUNT OF
PAYMENT, OR ANY OTHER TERM OF A GRANT OR LOAN IN ORDER TO FACILITATE
THE SUCCESSFUL COMPLETION OR OPERATION OF A PROJECT; AND

(2)      CONTRACT FOR SERVICES RELATING TO THE PROGRAM;.

(3) REQUIRE PAYMENT OF A NONREFUNDABLE APPLICATION FEE;

(4) WITHOUT APPROVAL OR EXECUTION BY THE BOARD OF PUBLIC
WORKS:

(I) ASSIGN A MORTGAGE FOR VALUE;

(II) RELEASE A MORTGAGE;

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