WILLIAM DONALD SCHAEFER, Governor Ch. 422

(3) LOANS TO INDIVIDUALS AND BUSINESS ENTITIES MAY BE
MADE ONLY IF PRIVATE FINANCING CANNOT OTHERWISE BE OBTAINED AS
SHOWN BY DOCUMENTATION IN ACCORDANCE WITH THE REGULATIONS.

(G) THE TRUST SHALL:

(1)  ENSURE THAT FUNDING UNDER THE MHT LOAN PROGRAM
FOR THE ACQUISITION, RESTORATION, OR REHABILITATION OF HISTORIC
PROPERTIES IS UTILIZED ONLY IF THE PROPERTY HAS BEEN LISTED IN OR
IS ELIGIBLE FOR THE MARYLAND REGISTER OF HISTORIC PROPERTIES; AND

(2)  REQUIRE RECIPIENTS OF LOANS MADE UNDER THE MHT
LOAN PROGRAM TO ENTER INTO AN AGREEMENT TO PRESERVE AND MAINTAIN
THE HISTORIC PROPERTY, WHICH AGREEMENT SHALL BE A RECORDABLE
HISTORIC PRESERVATION EASEMENT IF THE PROPERTY IS HISTORIC REAL
PROPERTY, UNLESS THE SECRETARY HAS DETERMINED THAT SUCH AN
AGREEMENT OR EASEMENT IS IMPRACTICABLE OR INFEASIBLE UNDER THE
CIRCUMSTANCES IN ACCORDANCE WITH THE REGULATIONS.

(H) (1) THE DEPARTMENT SHALL ADOPT REGULATIONS TO CARRY OUT
THE PURPOSES OF THE MHT LOAN PROGRAM.

(2) IN ADDITION TO PROVISIONS OTHERWISE REQUIRED BY
THIS SECTION, THE REGULATIONS SHALL INCLUDE THE FOLLOWING:

(I)  APPLICATION PROCEDURES;

(II)  PROCEDURES FOR ADEQUATE PUBLIC NOTICE OF
AVAILABLE ASSISTANCE UNDER THE MHT LOAN PROGRAM;

(III)  PROVISIONS FOR THE REVIEW OF PLANS AND
SPECIFICATIONS AND THE INSPECTION OF PROJECTS DURING
CONSTRUCTION; AND

(IV)  A SET OF SELECTION CRITERIA WHICH THE
TRUST MUST CONSIDER IN RECOMMENDING APPROVAL OF APPLICATIONS FOR
LOANS AND WHICH MUST INCLUDE:

A.  THE RELATIVE HISTORICAL OR CULTURAL
SIGNIFICANCE OF, AND URGENCY OF NEED FOR, THE PROJECT BEING
FINANCED WITH THE LOAN;

B.  THE EXTENT TO WHICH THERE IS ANY
PROPOSED CONTRIBUTION BY THE APPROPRIATE LOCAL JURISDICTION TO
SUPPORT THE PROJECT BEING FINANCED WITH THE LOAN; AND

C.  OTHER FACTORS THAT MAY BE RELEVANT,
SUCH AS THE GEOGRAPHIC DISTRIBUTION OF LOAN ASSISTANCE FROM THE
MHT LOAN FUND.

(I) THE SECRETARY SHALL SUBMIT LOANS OR EXPENDITURES FROM
THE MHT LOAN FUND WHICH WERE FINANCED THROUGH THE SALE OF STATE
GENERAL OBLIGATION BONDS TO THE BOARD OF PUBLIC WORKS FOR

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