Code of Maryland Regulations
Title 14 - INDEPENDENT AGENCIES
Subtitle 29 - MARYLAND HERITAGE AREAS AUTHORITY
Chapter 14.29.04 - Maryland Heritage Areas Loan Program
Section 14.29.04.03 - Eligible Borrowers and Eligible Activities
Universal Citation: MD Code Reg 14.29.04.03
Current through Register Vol. 51, No. 19, September 20, 2024
A. An entity is eligible to receive a loan under the Program if the entity:
(1) Is a:
(a) Local jurisdiction;
(b) Nonprofit organization or a business
entity that:
(i) Is in good standing and
qualified to do business in Maryland; and
(ii) Has the legal capacity and all necessary
legal authority to be obligated by the loan; or
(c) An individual who has the legal capacity
and all necessary legal authority to be obligated by the loan;
and
(2) Is authorized to
apply for the loan by the heritage area management entity for the certified
heritage area that will benefit from the loan.
B. The Authority may provide a loan to an entity eligible under §A of this regulation if the loan is for purposes of funding:
(1) An activity that will:
(a) Be undertaken within a certified heritage
area; and
(b) Further or complete
an activity identified in the management plan for the certified heritage area;
and
(2) Is:
(a) A capital project;
(b) The purchase of capital equipment,
furnishings, or inventory; or
(c)
Working capital to be used in conjunction with a capital
project.
C. For an activity that involves improvement to leasehold property, the remaining term of the lease at the time the loan is made must not be less than the term of the loan.
Disclaimer: These regulations may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
