Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-223

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Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-223

County: means a county of the State or Baltimore City. See
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
Personal property: All property that is not real property.
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
state: means :

(1) a state, possession, territory, or commonwealth of the United States; or

(2) the District of Columbia. See

(a) A project qualifies as a business project if the project is:

(1) located in:

(i) an area designated as a priority funding area under § 5-7B-02 of the State Finance and Procurement Article; or

(ii) a qualified opportunity zone designated under § 1400Z-1 of the Internal Revenue Code in Allegany County, Baltimore City, Baltimore County, Charles County, Garrett County, Howard County, Montgomery County, Prince George’s County, Somerset County, or Wicomico County; and

(2) (i) acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by a person or an entity for the purposes of carrying on a business whether or not for profit; or

(ii) eligible for funding from the Neighborhood Business Development Fund under § 6-310 of this article.

(b) Repayment of principal and interest for a business project may be secured by:

(1) real property;

(2) personal property;

(3) bank accounts;

(4) certificates of deposit, stocks, and bonds;

(5) credit enhancement, assurance, or guaranty; or

(6) any other collateral acceptable to the Administration.

(1) a loan;

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

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

(4) an assurance;

(5) a guarantee or other form of credit enhancement; or

(6) a promissory note that may be converted to an equity ownership interest and liquidated at the earliest opportunity to realize the highest market value for the Administration.

§4-223. ** TAKES EFFECT JULY 1, 2026 PER CHAPTER 380 OF 2022 **