Ch. 314

2003 LAWS OF MARYLAND

(D) "COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION" MEANS A
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION AS DEFINED UNDER 12 U.S.C. §
4702, AS AMENDED.

[(d)] (E) (1) "Community development organization" means a corporation,
foundation, or other legal entity which operates for the purpose of improving the
physical, economic, or social environment of its geographic areas of operation.

(2) "Community development organization" does not include a
corporation, foundation, or other legal entity in which all or a portion of the net
earnings inures to the benefit of any private shareholder or individual holding an
interest in that entity.

[(e)] (F) "Community legacy agreement" means an agreement between the
Department and a sponsor to develop a community legacy plan or implement one or
more community legacy projects in a designated community legacy area.

[(f)] (G) "Community legacy area" means an area:

(1)     Located in a priority funding area; and

(2)     Determined by the Board to satisfy the requirements of § 4-805 of
this subtitle.

[(g)] (H) "Community legacy plan" means a plan submitted by a sponsor to the
Board for approval which may consist of one or more community legacy projects
designed to prevent or reverse decline or disinvestment in a community legacy area
through improvements in residential, commercial, or other public or private
properties.

[(h)] (I) (1) "Community legacy project" means a project or projects
submitted by a sponsor to the Board for approval [that is consistent with a
community legacy plan] IN ACCORDANCE WITH THIS SUBTITLE.

(2) "Community legacy project" includes projects to:

(i) Create, improve, or preserve housing opportunities, including
the acquisition, construction, rehabilitation, or improvement of new or existing
homeownership or rental properties;

(ii) Strategically demolish buildings or improvements to enhance
the use of land;

(iii) Create, improve, or preserve mixed-use or commercial
development, including any appropriate combination of properties related to
business, housing, open-space, and institutional uses;

(iv) Develop public infrastructure that is incidental to the
implementation of a community legacy project, such as streets, parking, public
utilities, landscaping, lighting, and improvements to pedestrian and bicycle
circulation;

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