Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT
Chapter 05.13.01 - Business Development Program
Section 05.13.01.10 - Program Administration
Current through Register Vol. 51, No. 6, March 22, 2024
A. The Program may establish from time to time detailed Program guidelines containing underwriting standards, processing requirements, and other requirements or matters relating to providing financial assistance.
B. The Program shall make a reasonable, good faith effort to make 25 percent of Program loans and grants to microenterprises.
C. In accordance with the Act, the Department shall, for each State fiscal year, reserve at least the lesser of $5,000,000 or the annual capital appropriation for the Fund to make financial assistance available to projects located in sustainable communities.
D. The Department may charge and collect from an applicant or recipient of financial assistance under this title:
E. The Department shall ensure that Program guidelines, fee information, and application forms are publically available on its website and at its offices.
F. The Department may:
G. The maximum sale proceeds in any fiscal year may not exceed 20 percent of the total outstanding balance of loans in the Fund.