Md. Code Regs. 05.20.03.03

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.20.03.03 - Eligible Applicants and Uses

A. A recipient of financial assistance shall meet the following minimum requirements:

(1) Be an anchor institution;

(2) Not have defaulted on any prior financial assistance from the Department;

(3) Not be currently barred or suspended from any of the Department's programs;

(4) Have the legal capacity and all necessary legal authority to incur the obligations involved in the form of financial assistance provided under the Program; and

(5) Be in good standing and qualified to do business in Maryland.

B. Financial assistance may be used for any costs and expenses related to community development projects in blighted areas of the State.

C. A recipient of financial assistance may grant or lend all or a portion of the financial assistance it receives from the Program to a designated third party to carry out the project in accordance with the terms and conditions of an agreement with the Department.

Md. Code Regs. 05.20.03.03

Regulation .03 adopted effective 44:16 Md. R. 808, eff. 8/14/2017