WILLIAM DONALD SCHAEFER, Governor Ch. 417

THERE IS A STATE ACTION LOANS FOR TARGETED AREAS PROGRAM IN
THE DEPARTMENT.

4-503.

THE PURPOSES OF THE PROGRAM ARE TO PROVIDE FINANCIAL
ASSISTANCE FOR THE PURPOSE OF:

(1)  CREATE CREATING HOUSING AND JOBS IN TARGETED
AREAS THROUGH SUPPORT OF PRIVATE SECTOR INITIATIVES;

(2)  PROMOTE PROMOTING COMMERCIAL REDEVELOPMENT AND
ECONOMIC REVITALIZATION EFFORTS IN TARGETED AREAS;

(3)  SUPPORT SUPPORTING RETENTION OF HOUSING STOCK
AND EXISTING BUSINESSES;

(4)  PROVIDE PROVIDING A SOURCE OF FUNDS FOR EMERGENCY
HOUSING AND BUSINESS ASSISTANCE;

(5)  SUPPORT SUPPORTING DEVELOPMENT EFFORTS FOR
PROJECTS UNDERTAKEN JOINTLY BY THE PUBLIC AND PRIVATE SECTORS;
AND

(6)  PROVIDE PROVIDING FINANCIAL ASSISTANCE FOR
PROJECTS WHICH WOULD NOT BE UNDERTAKEN OTHERWISE.

4-504.

THE DEPARTMENT SHALL:

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

(2)  ADOPT POLICIES REGULATIONS TO ENSURE THAT
FINANCIAL ASSISTANCE IS PROVIDED TO PROJECTS THAT CARRY OUT THE
PURPOSES OF THE PROGRAM;

(3)  ATTACH SPECIFIC TERMS TO ANY FORM OF FINANCIAL
ASSISTANCE AS MAY BE NECESSARY TO ASSURE THE PURPOSES OF THE
PROGRAM ARE FULFILLED; AND

(4)  DEVELOP PROCEDURES FOR MONITORING COMPLIANCE BY
THE ULTIMATE RECIPIENTS OF FINANCIAL ASSISTANCE WITH THE
CONDITIONS OF ANY FINANCIAL ASSISTANCE.

4-505.

(A) (1) A COUNTY OR MUNICIPALITY MUST FILE APPLICATIONS FOR
FINANCIAL ASSISTANCE ON BEHALF OF A PROJECT.

(2) A COUNTY MAY APPLY FOR FINANCIAL ASSISTANCE ON
BEHALF OF A PROJECT WITHIN A MUNICIPALITY BUT ONLY WITH THE
CONSENT AT THE REQUEST OF THE MUNICIPALITY.

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