§ 10–143
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 10-143 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–143LinkCopy Citation
(a)
(1)
(i)
A qualified institution, the Corporation, a county and, if applicable, a municipal corporation, or the economic development agency of a county or municipal corporation may establish a program to provide rental assistance to a business entity that:
(1)
moves into or locates in a RISE zone on or after the date that the zone is designated under this part; and
(2)
has been in active business not longer than 7 years at the time that the business entity applies to receive rental assistance from the program.
(ii)
A business entity may not receive rental assistance under a rental assistance program established in accordance with subparagraph (i) of this paragraph for more than 5 years.
(2)
(i)
A qualified institution, a county and, if applicable, a municipal corporation, or the economic development agency of a county or municipal corporation that establishes a rental assistance program in accordance with paragraph (1) of this subsection may submit a request to receive a distribution from the Fund.
(ii)
The application shall include:
(1)
a description of the rental assistance program;
(2)
the amount requested for distribution from the Fund in accordance with this section; and
(3)
any other information requested by the Corporation.
(iii)
The applicant shall submit the application on or before the date that the Corporation specifies.
(b)
(1)
The Corporation shall review each request for distribution of funds from the Fund for compliance with the provisions of this section and Corporation regulations.
(2)
The Corporation shall make available not more than 25% of cumulative program funds from the Fund for rental assistance programs in a single RISE zone.
(c)
If the Corporation fails to allocate the funds in the Fund under this part and rental assistance programs in a single RISE zone have previously received 25% of cumulative program funds from the Fund, the Department may distribute additional funds to applicants for that RISE zone in accordance with this part.
(d)
(1)
On or before September 15 each year, a rental assistance program that has received a distribution of funds from the Fund shall submit to the Corporation an annual report in the form and containing the information required by the Corporation.
(2)
The report required under paragraph (1) of this subsection shall detail the use of funds received under this section for the immediately preceding fiscal year and provide an update on any funds that were not disbursed during that fiscal year.
(3)
The Corporation may not distribute funds from the Fund to a rental assistance program under this section if the rental assistance program has failed to submit the report required under paragraph (1) of this subsection.
(e)
A rental assistance program that receives a distribution of funds from the Fund shall be subject to an audit at least once every 3 years by an independent certified public accountant that the applicant and the Corporation select.
(f)
Based on the findings of an audit conducted under subsection (e) of this section, the Corporation may make an assessment against a qualified institution, a county, a municipal corporation, or an economic development agency to recapture any misused or undistributed funds.