WILLIAM DONALD SCHAEFER, Governor Ch. 417

Community Development to provide financial assistance to
counties, municipalities, or private sponsors of
residential, industrial, commercial, or mixed-use projects
in, or in reasonable proximity to, geographic areas which
meet certain requirements; setting forth certain
qualifications that applications must meet; requiring the
Department to administer the Program, adopt policies and
procedures regulations to carry out the purposes of the
Program, and attach such terms to any form of financial
assistance as are necessary to fulfill the Program's
purposes; providing that a county or municipality sign and
submit the application or adopt a resolution supporting the
application of any other sponsor file the application on
behalf of a project; requiring the county or municipality to
make a material and substantial contribution to' a project;
requiring that a project demonstrate the ability to repay
the financial assistance and providing for the Department to
set the terms of repayment and requirements for security for
the financial assistance; providing for applications to
contain certain minimum information from sponsors of
projects; providing that applications be reviewed and
approved by the Department in consultation with the
Department of Economic and Employment Development; setting
limits on the amount of financial assistance to any one
jurisdiction and a minimum amount of funds to be made
available to certain municipalities and counties; requiring
that a report on the Program be submitted to the General
Assembly by a certain date; and generally relating to the
State Action Loans for Targeted Areas Program.

BY adding to

Article 41B - Department of Housing and Community

Development
Section 4-501 through 4-511 to be under the new subtitle

"Subtitle 5. State Action Loans for Targeted Areas

Program"
Annotated Code of Maryland
(1986 Replacement Volume and 1987 Supplement)

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

Article 41B - Department of Housing and Community Development

TITLE 4. DIVISION OF COMMUNITY ASSISTANCE

SUBTITLE 5. STATE ACTION LOANS FOR TARGETED AREAS PROGRAM

4-501.

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