Ch. 417

LAWS OF MARYLAND

(7) THAT, IN THE EVENT OF CATASTROPHIC LOSS,

FINANCIAL ASSISTANCE FROM THE FUND WOULD RESULT IN AVAILABLE
HOUSING STOCK AND EMPLOYMENT LEVELS COMPARABLE TO THE HOUSING
STOCK AND EMPLOYMENT PRIOR TO THE LOSS OR WOULD ACCOMPLISH OR
SUPPORT LOCAL URBAN RENEWAL EFFORTS OR PLANS.

4-507.

(A)  THE COUNTY OR MUNICIPALITY IN WHICH THE PROJECT IS TO
BE LOCATED SHALL MAKE A MATERIAL AND SUBSTANTIAL CONTRIBUTION TO
THE PROJECT.

(B)  THE DEPARTMENT MAY SHALL REQUIRE THE SPONSOR, AS WELL
AS THE COUNTY OR MUNICIPALITY IN WHICH THE PROJECT IS LOCATED, TO
PROVIDE SECURITY FOR THE REPAYMENT OF ANY FINANCIAL ASSISTANCE,
WHICH MAY BE IN THE FORM OF COLLATERAL, ASSURANCES OF COMPLETION,
MORTGAGE LIENS, AND GUARANTEES OF REPAYMENT. THIS PROVISION MAY
BE WAIVED IN EXCEPTIONAL CIRCUMSTANCES AS DETERMINED BY THE
SECRETARY.---------------------------------------------------------

(C)  PROJECTS FUNDED IN WHOLE OR PART WITH MONEYS OF THE
COMMUNITY DEVELOPMENT ADMINISTRATION ALSO MUST BE ELIGIBLE
ACTIVITIES UNDER §§ 2-201 THROUGH 2-208 OF THIS ARTICLE.

(D)  FINANCIAL ASSISTANCE MAY BE USED FOR PROJECT
DEVELOPMENT COSTS, INCLUDING ACQUISITION OF LAND, STRUCTURES, AND
EQUIPMENT AND CERTAIN PROFESSIONAL FEES AS MAY BE DETERMINED BY
THE DEPARTMENT.

(E)  PROJECT DEVELOPMENT MUST COMMENCE WITHIN 160 DAYS OF
THE DEPARTMENT'S ISSUANCE OF A COMMITMENT TO PROVIDE FINANCIAL
ASSISTANCE TO THE PROJECT, AFTER WHICH TIME THE COMMITMENT OF
FINANCIAL ASSISTANCE WILL BE WITHDRAWN UNLESS THE DEPARTMENT, IN
ITS DISCRETION, EXTENDS THE COMMITMENT FOR 1 ADDITIONAL 160-DAY
PERIOD.

(F)  THE DEPARTMENT MAY NOT PROVIDE FINANCIAL ASSISTANCE FOR
A PROJECT INTENDED TO FACILITATE THE RELOCATION OF INDUSTRIAL
PLANTS OR COMMERCIAL FACILITIES FROM 1 AREA WITHIN THE STATE TO
ANOTHER, UNLESS THE SECRETARY DETERMINES AFTER CONSULTATION WITH
THE SECRETARY OF ECONOMIC AND EMPLOYMENT DEVELOPMENT THAT SUCH
RELOCATION WILL NOT SIGNIFICANTLY AND ADVERSELY AFFECT THE LEVEL
OF UNEMPLOYMENT OR THE ECONOMIC BASE OF THE AREA FROM WHICH SUCH
INDUSTRIAL OR COMMERCIAL PLANT OR FACILITY IS TO BE RELOCATED.

4-508.

(A) FINANCIAL ASSISTANCE SHALL BE PROVIDED DIRECTLY TO THE
COUNTY OR MUNICIPALITY OR ITS FIDUCIARY REPRESENTATIVE WHICH
SHALL THEN CAUSE THE FUNDS TO BE DISBURSED TO THE PROJECT, OR, AT
THE DEPARTMENT'S DISCRETION, DIRECTLY TO THE SPONSOR OF THE
PROJECT OR ANY PORTION OF THE PROJECT.

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