Ch. 224 LAWS OF MARYLAND

independent Community Reinvestment Fund; specifying the purpose of the Fund;
providing for contributions to and the allocation of interests in the Fund;
requiring the Community Reinvestment Board to manage the Fund; establishing
the composition of the Board; specifying the terms of the initial members of the
Board; providing for certain powers and obligations of the Board; specifying
eligible uses of the Fund and the forms of assistance by the Fund; specifying that
the Fund and the Board are not subject to procurement laws and certain other
State entity requirements and procedures; defining certain terms; and generally
relating to the Community Reinvestment Fund.

BY adding to

Article 83B - Department of Housing and Community Development

Section 10-101 through 10-111 to be under the new title "Title 10. Community
Reinvestment Fund"

Annotated Code of Maryland

(1988 Replacement Volume and 1989 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 83B - Department of Housing and Community Development

TITLE 10. COMMUNITY REINVESTMENT FUND

10-101.

(A) IT IS HEREBY FOUND AND DECLARED BY THE GENERAL
ASSEMBLY THAT.

(1) CERTAIN COMMUNITIES AND NEIGHBORHOODS IN THE
STATE ARE EXPERIENCING ECONOMIC AND SOCIAL DISTRESS AS A
RESULT OF A SHORTAGE OF SIGNIFICANT PRIVATE INVESTMENT IN
SUCH AREAS;

(2) FINANCIAL INSTITUTIONS OPERATING IN THE STATE ARE
RECOGNIZING THEIR HEIGHTENED RESPONSIBILITY TO PROVIDE
FINANCIAL ASSISTANCE TO THESE COMMUNITIES AND
NEIGHBORHOODS; AND

(3) FEDERAL AND STATE REGULATORY AGENCIES ARE
REQUIRING INCREASED LEVELS OF COMMUNITY REINVESTMENT
ACTIVITY BY THESE FINANCIAL INSTITUTIONS.

(B) THE GENERAL ASSEMBLY THEREFORE DECLARES THAT THE
PUBLIC INTEREST IS SERVED BY THE STATE PROMOTING THE
DEVELOPMENT OF A FINANCIAL VEHICLE TO BE OPERATED BY PRIVATE
FINANCIAL INSTITUTIONS, IN ORDER TO:

(1) TARGET INCREASING COMMUNITY REINVESTMENT TO

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