§ 4–223
Statutes in effect as of October 1, 2026.
Md. Code Ann., Hous. & Cmty. Dev. § 4-223 (2026)
Title 4. Division of Development Finance
Subtitle 2. Community Development Administration
§ 4–223LinkCopy Citation
(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.
(c)
Financial assistance for a business project may be provided as:
(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.