ROBERT L. EHRLICH, JR., Governor

Ch. 314

(v) Encourage and develop cooperative ownership control of
open-space;

(vi) Develop or create strategies targeted at increasing investment
in existing communities, including outreach activities designed to attract business,
capital, residents, and visitors and the development and maintenance of resources
directly related to the development of a community legacy plan or the implementation
of a community legacy project;

(vii) Acquire or improve vacant buildings or unimproved land,
including the practice of landbanking; [or]

(VIII) PROVIDE FINANCING FOR A NEIGHBORHOOD INTERVENTION
PROJECT; OR

[(viii)] (LX) Develop any other community legacy plans or implement
any other community legacy projects that the Board deems necessary to further the
purposes of this subtitle.

[(i) "Priority funding area" means an area designated as a priority funding
area under § 5-7B-02 of the State Finance and Procurement Article.]

(j) "Financial assistance" includes:

(1)     A grant;

(2)     A loan;

(3)     Any reduction in the principal obligation of or rate of interest payable
on a loan or portion of a loan;

(4)     Any prepayment of interest on a subordinate or superior loan or
portion of a loan;

(5)     Any assurance;

(6)     Any guarantee; or

(7)     Any other form of credit enhancement.

(k) "Landbanking" means the acquisition and holding of improved and
unimproved property in anticipation of future development of the property or to
ensure the future use of the property and improvements remain affordable.

(L) "NEIGHBORHOOD INTERVENTION PROJECT" MEANS A PROJECT
SPONSORED BY:

(1) A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION TO PROVIDE
FINANCIAL ASSISTANCE TO INDIVIDUALS OR BUSINESS ENTITIES THAT ARE
OWNER-OCCUPANTS, COMMUNITY DEVELOPMENT ORGANIZATIONS, OR LOCAL
GOVERNMENTS FOR THE PURPOSE OF BUYING PROPERTIES THAT ARE IN NEED OF
REHABILITATION AND ARE LOCATED IN OTHERWISE STABLE NEIGHBORHOODS SO
AS TO REDEVELOP THE PROPERTIES THROUGH REHABILITATION, DEMOLITION,
RECONSTRUCTION, OR RE-USE; OR

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