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Maryland Code, Housing and Community Development § 6-710

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this section, “Fund” means the National Capital Strategic Economic Development Fund.

(b) There is a National Capital Strategic Economic Development Fund.

(c) The purpose of the Fund is to provide financial assistance under the Program.

(d) The Department shall administer the Fund.

(e)(1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.

(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(f) The Fund consists of:

(1) money appropriated in the State budget to the Fund;

(2) interest earnings of the Fund; and

(3) any other money from any other source accepted for the benefit of the Fund.

(g) Subject to subsection (k) of this section, the Fund may be used only for providing financial assistance under the Program.

(h)(1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(2) Any interest earnings of the Fund shall be credited to the Fund.

(i) Expenditures from the Fund may be made only in accordance with the State budget.

(j)(1) For fiscal year 2021 and each fiscal year thereafter, the Governor shall include in the annual operating budget an appropriation for the Fund in the amount of $200,000.

(2) For fiscal years 2021 through 2024, the Governor shall include in the annual operating or capital budget an appropriation for the Fund in the amount of $7,000,000.

(3) For fiscal year 2025 and each fiscal year thereafter, the Governor shall include in the annual operating or capital budget an appropriation for the Fund in the amount of $12,000,000.

(k) The Fund may be used only for community enhancement projects in sustainable communities located:

(1) in Prince George's County, at least in part, within the boundary created by Interstate 495 in the State and the District of Columbia; or

(2) in Montgomery County, within an enterprise zone or the boundary created by:

(i) Prince George's County;

(ii) Maryland Route 200;

(iii) Interstate 270;

(iv) Interstate 495 to the Maryland state line; and

(v) the District of Columbia.

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Cite this article: FindLaw.com - Maryland Code, Housing and Community Development § 6-710 - last updated January 01, 2025 | https://codes.findlaw.com/md/housing-and-community-development/md-code-hous-and-cmty-dev-sect-6-710/

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