In this subtitle the following words have the meanings indicated. “Board” means the Board of Directors of the Corporation. “Corporation” means the Maryland Community Investment Corporation. “Investment committee” means a committee appointed by the Board to advise on and approve investments as required under this subtitle. “Low–income community” means a community in the State that meets the definition of a low–income community under 26 U.S.C. § 45D(e)(1). “New markets tax credit” means the federal tax credits allocated under 26 U.S.C. § 45D. “Qualified community development entity” means an entity that meets the definition of a qualified community development entity under 26 U.S.C. § 45D(c)(1). “Qualified equity investment” means an investment that meets the definition of a qualified equity investment under 26 U.S.C. § 45D(b)(1).

This subtitle shall be liberally construed to carry out the purposes of this subtitle.

There is a Maryland Community Investment Corporation. The Corporation is a body politic and corporate and is an instrumentality of the State.

The purposes of the Corporation are to: do all things necessary to qualify as a qualified community development entity; apply to the U.S. Department of the Treasury to be designated as a qualified community development entity; apply to the U.S. Department of the Treasury for an allocation of new markets tax credits; receive, make, and facilitate qualified equity investments and financial assistance available in low–income communities in the State; allocate any new markets tax credits received by the Corporation; coordinate with other qualified community development entities in the State to help ensure that low–income communities are receiving the maximum benefit of qualified equity investments in the State; make investments and financial assistance available to low–income communities in the State from the Corporation’s money or from any other source; build a long–term financial capacity and sustained investment in low–income communities in the State; coordinate and create pathways to follow–on financing in the State; and foster inclusive and diverse entrepreneurship and innovation throughout the State, which may include initiatives to raise awareness of programs to assist low–income communities.

A Board of Directors shall manage the Corporation and its units and exercise its corporate powers. The Board consists of the following members: the Comptroller or the Comptroller’s designee; the Secretary or the Secretary’s designee; the Secretary of Housing and Community Development or the Secretary’s designee; the Secretary of Planning or the Secretary’s designee; the Secretary of General Services or the Secretary’s designee; and the following members appointed by the Governor with the advice and consent of the Senate: one representative of nonprofit entities in the State; and one representative of low–income communities. A member of the Board shall reside in the State. In making appointments to the Board, the Governor shall consider: diversity; and all geographic regions of the State. A member of the Board: may not receive compensation as a member of the Board; but is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget. The term of an appointed member is 4 years. The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2024. At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies. A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies. This subsection applies to a member who is appointed by the Governor under subsection (b)(6) of this section. The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.

The Board shall elect a chair from among its members.

Four members of the Board are a quorum. A majority vote of the members present at a meeting having a quorum is needed for the Corporation to act.

The Board shall appoint members of an advisory committee. The membership of the advisory committee shall be composed of members who are: required for the Corporation to qualify as a qualified community development entity under 26 U.S.C. § 45D(c)(1); residents of the State; and geographically representative of the locations of low–income communities in the State. The Board shall adopt policies establishing the responsibilities of the advisory committee. The advisory committee shall prioritize projects owned or operated by entities that have their principal place of business in the State when advising on investments made in low–income communities in the State.

The Corporation shall establish an investment committee. The Corporation shall adopt regulations establishing: the responsibilities of the investment committee; and the procedures for the appointment of investment committee members. Members of the investment committee shall be geographically representative of the locations of low–income communities in the State. The investment committee shall prioritize projects that are owned or operated by entities that have their principal place of business in the State.

The Corporation shall employ a Chief Executive Officer. The Chief Executive Officer shall have experience with and possess qualifications relevant to the activities and purposes of the Corporation. The Chief Executive Officer may not be a member of the Board.

The Attorney General is the legal advisor to the Corporation. The Attorney General shall assign to the Corporation assistant Attorneys General. The Attorney General shall designate one assistant Attorney General as general counsel to the Corporation. The general counsel to the Corporation shall: advise the Chief Executive Officer, the Board, and any other official of the Corporation as requested by the Corporation; supervise the other assistant Attorneys General assigned to the Corporation; and perform for the Corporation other duties the Attorney General assigns. The general counsel may not provide any other assistance not specified in subparagraph (i) of this paragraph. With the approval of the Attorney General, the Corporation may retain any additional necessary attorneys.

The Department and the Department of Housing and Community Development may provide staff to the Corporation as provided in the State budget. The Corporation may retain any necessary accountants, engineers, financial advisors, or other consultants.

Except as provided in subsections (b), (c), and (e) of this section, the Corporation is exempt from Title 10 and Division II of the State Finance and Procurement Article. The Corporation is subject to the Public Information Act. The Board, the officers and employees of the Corporation, members of the investment committee, and members of any advisory committee appointed are subject to the Public Ethics Law. The officers and employees of the Corporation are not subject to the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System. The Corporation, the Board, and employees of the Corporation are subject to Title 12, Subtitle 4 of the State Finance and Procurement Article. The Board, the officers and employees of the Corporation, the members of the investment committee, and the members of any advisory committee appointed shall disclose to the State Ethics Commission whether they are employed by or have a financial interest in an entity that currently has or will apply for funds or an investment in a program administered by the Corporation. For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Corporation if no organizational business is conducted.

The Corporation shall establish a system of financial accounting, controls, audits, and reports. The fiscal year of the Corporation begins on July 1 and ends on the following June 30.

The Corporation may create and administer the accounts that it requires. The Corporation shall deposit its money into a State or national bank or a federally insured savings and loan association that has a total paid–in capital of at least $1,000,000. The Corporation may designate the trust department of a State bank, national bank, or savings and loan association as a depository to receive securities that the Corporation owns or acquires. Unless an agreement or covenant between the Corporation and the holders of its obligations limits classes of investments, the Corporation may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, the State, or a governmental unit. Any income from the investment of money of the Corporation, including investment proceeds and earnings, shall be credited to the Corporation.

The Corporation may: adopt bylaws for the conduct of its business; adopt a seal; maintain offices at a place it designates in the State; accept loans, grants, investments, or assistance of any kind from the federal or State government, a local government, a college or university, or a private source; enter into contracts and other legal instruments; sue or be sued; acquire, purchase, hold, lease as lessee, and use: a franchise, patent, or license; any real, personal, mixed, tangible, or intangible property; or an interest in the property listed in this item; sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that it acquires; fix and collect rates, rentals, fees, royalties, and charges for services and resources it provides or makes available; create, own, control, or be a member of a corporation, limited liability company, partnership, or other entity, whether operated for profit or not for profit; exercise power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and do all things necessary or convenient to carry out this subtitle.

The Board shall: develop a public and internal strategic plan that includes: performance goals and measures; a mission statement and core values; an analysis of strengths, weaknesses, opportunities, and threats; action plans; and yearly and long–term goals and objectives; review strategic plans and update the plans annually to measure performance; approve compensation plans for the Chief Executive Officer and employees of the Corporation; designate a person to review and approve expense reimbursements of the Chief Executive Officer and employees of the Corporation in accordance with standards established by the Board; designate a person to receive ethics complaints and any complaints involving the Board, the Chief Executive Officer, and employees of the Corporation; establish policies that govern: severance packages for employees that involuntarily leave employment; tuition reimbursement and limits for employees; eligible expense reimbursement requirements that include: the types of expenses that are considered part of Corporation functions; limits on reimbursements and time frames for submission; and allowable travel expenses including any out–of–state travel; the use of all Corporation equipment, personal property, and real property and whether any property may be transferred to a departing employee; and whistleblower complaints and protections for those filing complaints; and conduct an annual performance review of the Chief Executive Officer.

Except as provided in subsection (c) of this section, the Corporation may make qualified equity investments and other financial assistance available to projects in low–income communities if the investments are made on review and approval of a written application that contains: sufficient information to verify that the project is in the State; and a certification of the veracity of the information by an authorized signatory of the applicant. In regard to any and all programs of the Corporation, except as otherwise provided in this subtitle, the Corporation shall adopt regulations to govern investments under this subsection that specify: the types of businesses and projects in which an investment may be made; the basic standards an enterprise shall meet to qualify for an investment; the amount of money available for investment; the investment policy statement of the Corporation that describes the procedures, criteria, investment philosophy, and guidelines for how the Corporation’s investment decisions will be made; and a process for considering whether investments help to foster inclusive and diverse entrepreneurship, including the Corporation’s support for low–income communities. The Corporation may make investments under an agreement with the Board of Trustees for the State Retirement and Pension System under § 21–123.2 of the State Personnel and Pensions Article.

The Corporation may: provide equity investment to a qualified business or project in the form of a grant, loan, tax credit allocation, or any other form of financial assistance to carry out its purposes; acquire, develop, improve, manage, market, license, sublicense, maintain, lease as lessor or lessee, or operate a project in the State to carry out its purposes; and acquire, directly or indirectly, from a person or political subdivision, by purchase, gift, or devise, any property, rights–of–way, franchises, easements, or other interests in land, including submerged land and riparian rights: as necessary or convenient to improve or operate a project to carry out its purposes; and on the terms and at the prices that the Corporation considers reasonable.

A debt, claim, obligation, or liability of the Corporation or any subsidiary is not: a debt, claim, obligation, or liability of the State, a unit or instrumentality of the State, or of a State officer or State employee; or a pledge of the credit of the State.

The Corporation is exempt from State and local taxes.

The books and records of the Corporation are subject to audit: at any time by the State; and each year by an independent auditor, including an annual financial statement under generally accepted accounting principles. The Corporation shall conduct an independent assessment of the Board and the Corporation every 5 years.

On or before October 1 each year, the Corporation shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly. The report required under this subsection shall include: a complete operating and financial statement covering the Corporation’s operations; a summary of the Corporation’s activities during the preceding fiscal year; information on all salaries and any incentives approved by the Board for Corporation employees; information on outreach, training, mentorship, support, and investment in minority– and women–owned qualified businesses, including support for marketing by the Maryland Small Business Development Financing Authority; information on entities that have current investments and entities that received funding or investments in the current year on: the principal business operations; the number of employees in the State and the number of employees outside the State; the capital or other investments made in the State; and the proposed and actual job creation or capital investment in the State as a result of the investment or support; information on the creation of and appointments made to an advisory committee and the responsibilities of the advisory committee and members of the committee; and the policies of the Board and any changes to existing policies. On a quarterly basis, the Corporation shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the Joint Audit and Evaluation Committee and the General Assembly. The report required under this subsection shall include a list of the businesses and projects receiving support through programs administered by the Corporation, including those receiving investments made under § 21–123.2 of the State Personnel and Pensions Article. The list of businesses and projects receiving support shall include for each: the number of employees in the State; the number of employees outside the State; the capital or other investments made in the State; and proposed job creation or capital investment in the State as a result of the investment or support. The Corporation shall publish annual financial statements, audit reports, and policies of the Board visibly on its website.