Ch. 115

1995 LAWS OF MARYLAND

2-1006.                                                                             

(a) The Program shall be operated with moneys in the Homeownership Programs
Fund, which Fund shall be a continuing, nonlapsing fund consisting of:

(1)      Moneys appropriated by the State for homeownership programs,
including the Maryland Home Financing Program authorized by Subtitle 6 of this title
and the Settlement Expense Loan Program authorized by this subtitle;

(2)     Repayments and prepayments of loans made under such programs, both
prior to and after July 1, 1989;

(3)      Moneys transferred to the Fund in accordance with §§ 2-313(j),
2-505(d), 2-708(d), [and] .2-805(d), AND 2-1303(D) 2-1307(D) of this title; and

(4)     All other moneys referred to in § 2-613(a) of this title which are not
otherwise set forth in this subsection.

SUBTITLE 13. NEIGHBORHOOD BUSINESS DEVELOPMENT PROGRAM.
2-1301.

(A)     IT IS HEREBY FOUND AND DECLARED BY THE GENERAL ASSEMBLY THAT:.

(1) A VIBRANT BUSINESS SECTOR IN A NEIGHBORHOOD CAN BE A
STIMULUS TO NEIGHBORHOOD REVITALIZATION;

(2) THE EXISTENCE OF NEIGHBORHOODS WHICH SUFFER FROM SOCIAL
DISTRESS AND LACK OF BUSINESS INVESTMENT IN THE STATE IS A DETRIMENT TO
THE WELL BEING, HEALTH, AND SAFETY OF THE CITIZENS OF MARYLAND;

(3) THE SOCIAL AND ECONOMIC PROBLEMS IN THESE DISTRESSED
NEIGHBORHOODS CAN BE ALLEVIATED THROUGH FINANCIAL ASSISTANCE TO
SMALL BUSINESS DEVELOPMENT IN SUCH NEIGHBORHOODS;

(4) COOPERATION BETWEEN THE STATE, THE LOCAL GOVERNMENT,
AND PRIVATE ENTERPRISES CAN ENCOURAGE SMALL BUSINESS ESTABLISHMENT
AND EXPANSION IN DISTRESSED NEIGHBORHOODS; AND

(5)      THERE IS A NEED FOR INCREASED JOB OPPORTUNITIES IN
DISTRESSED NEIGHBORHOODS.

(B)     THE NEIGHBORHOOD BUSINESS DEVELOPMENT PROGRAM IS HEREBY
CREATED WITHIN THE DEPARTMENT, FOR THE FOLLOWING PURPOSES:

(1)      TO ASSIST IN THE DEVELOPMENT, REDEVELOPMENT; OR
EXPANSION OF SMALL BUSINESS ENTERPRISES IN DESIGNATED NEIGHBORHOODS;

(2)      TO STIMULATE INVESTMENT BY THE PRIVATE SECTOR IN
DESIGNATED NEIGHBORHOODS;

(3) TO INVEST IN SMALL BUSINESS REVITALIZATION PROJECTS IN
DESIGNATED NEIGHBORHOODS; AND

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