WILLIAM DONALD SCHAEFER, Governor Ch. 417

(2)  AT LEAST 70 PERCENT OF THE FAMILIES LIVING IN THE
COUNTY, MUNICIPALITY, OR AREA HAVE INCOMES THAT ARE LESS THAN 80
PERCENT OF THE MEDIAN FAMILY INCOME WITHIN THE STATE;

(3)  POPULATION IN THE AREA HAS DECREASED BY 10
PERCENT BETWEEN THE DATE OF THE MOST RECENT CENSUS AND THE DATE
OF THE IMMEDIATELY PRECEDING CENSUS;

(4)  EITHER CHRONIC ABANDONMENT OR DEMOLITION OF
PROPERTY IS OCCURRING IN THE AREA;

(5)  THE AREA FACES THE LOSS OR THREATENED LOSS OF A
MAJOR SOURCE OF EMPLOYMENT WHICH WOULD CREATE SUBSTANTIAL
UNEMPLOYMENT AND ECONOMIC LOSS TO THE AREA;

(6)  THE AREA HAS EXPERIENCED A RETAIL SPACE OCCUPANCY
RATE OF LESS THAN 70 PERCENT OVER THE MOST RECENT 12-MONTH PERIOD
FOR WHICH FIGURES ARE AVAILABLE;

(7) THE AREA HAS EXPERIENCE A CATASTROPHIC LOSS; OR

(7)  THE AREA HAS BEEN DESIGNATED AS AN URBAN RENEWAL
PROJECT AREA IN ACCORDANCE WITH ARTICLE III, § 61 OF THE
CONSTITUTION OF MARYLAND; OR                                                                         

(8)  THE AREA HAS BEEN DESIGNATED AS ELIGIBLE UNDER
THE FEDERAL URBAN DEVELOPMENT ACTION GRANT PROGRAM.

(B) TO QUALIFY A PROJECT FOR FINANCIAL ASSISTANCE UNDER THE
PROGRAM, THE APPLICATION MUST DEMONSTRATE:

(1)  THAT THE PROJECT HAS A COMMITMENT OF MONEYS FROM
OTHER FUNDING SOURCES SUCH THAT UPON RECEIPT OF FINANCIAL
ASSISTANCE UNDER THE PROGRAM THERE WILL BE ADEQUATE FUNDING TO
ASSURE COMPLETION OF THE PROJECT;

(2)  THAT THE FINANCIAL ASSISTANCE WILL LEVERAGE OTHER
PRIVATE FUNDS OR OTHER PUBLIC FUNDS NOT APPROPRIATED BY THE
STATE;

(3)  THAT FINANCIAL ASSISTANCE UNDER THE PROGRAM WILL
NOT SUBSTITUTE FOR OTHER LOCAL PUBLIC MONEY;

(4)  THAT BUT FOR FINANCIAL ASSISTANCE FROM THE FUND,
THE PROJECT WOULD NOT OCCUR;

(5)  THAT THE FINANCIAL ASSISTANCE REQUESTED IS THE
LEAST AMOUNT OF MONEY NECESSARY FOR THE PROJECT TO SUCCEED; AND

(6)  THAT ANY LOANS AUTHORIZED OR GUARANTEED UNDER THE
PROGRAM CAN BE ARE CAPABLE OF BEING REPAID UNDER THE TERMS THAT
ARE PROVIDED, GIVEN THE PROJECT'S PROJECTED OPERATING INCOME AND
EXPENSE STATEMENTS; AND.

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