Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 6-307
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 6-307
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) Financial assistance under the Business Development Program may be used for:
(1) a part of the development costs of a project;
(2) the development costs, working capital, or business expenses of a microenterprise project; or
(3) in accordance with § 6-308.3 of this subtitle, small loans for food desert projects.
(c) The Department may require that financial assistance under the Business Development Program be secured by a mortgage or other security instrument, which may be subordinate to other security interests.
(d) The Department may modify the interest rate, the time or amount of payment, or any other term of a grant or loan to facilitate the successful completion or operation of a project.
(e) The Department may contract for services related to the Business Development Program.