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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) The Department shall:
(1) administer the Business Development Program;
(2) adopt regulations to carry out the Business Development Program, including a process to designate an area as a food desert under subsection (c) of this section; and
(3) make a reasonable, good faith effort to make 25% of the Business Development Program loans and grants to microenterprises.
(b) The Department may:
(1) sell, assign, or otherwise dispose of a Program loan or revenue from a loan on terms and conditions acceptable to the Department, including selling loans at a discount, if the maximum sale proceeds in any fiscal year do not exceed limits that the Department sets by regulation;
(2) apply the proceeds received from a sale, assignment, or other disposition under item (1) of this subsection to the Fund;
(3) pledge a Program loan as security for any:
(i) business project loan, bond, or security that is issued, made, or purchased by the Community Development Administration under Title 4 of this article; or
(ii) insurance, guaranty, or credit enhancement on a Program loan or business project under § 4-223 of this article; and
(4) without approval or execution by the Board of Public Works, sell or assign any equity interest acquired under § 6-305(d) of this subtitle.
(c) The Secretary, on the recommendation of the Interagency Food Desert Advisory Committee established under § 6-308.2 of this subtitle, may designate an area as a food desert after considering the following factors:
(1) availability of fresh fruit, vegetables, and other healthy foods in the area;
(2) income levels of local residents;
(3) transportation needs of local residents and the availability of public transportation;
(4) comments from local governments; and
(5) any other factors that the Department considers relevant.
Cite this article: FindLaw.com - Maryland Code, Housing and Community Development § 6-308 - last updated January 01, 2025 | https://codes.findlaw.com/md/housing-and-community-development/md-code-hous-and-cmty-dev-sect-6-308/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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