Md. Code Regs. 24.05.23.05

Current through Register Vol. 51, No. 24, December 2, 2024
Section 24.05.23.05 - Financial Assistance
A. Proceeds of the Fund may be used only for the purpose of providing financial assistance to qualified distressed counties and MEDCO.
B. Proceeds of financial assistance may be used only for:
(1) Acquisition, improvements, and rehabilitation of land for industrial sites and parks; and
(2) Development of:
(a) Water and sewer lines,
(b) Shell buildings,
(c) Infrastructure serving existing retail and office oriented centers occupying at least 400,000 square feet on a limited basis of not more than one per jurisdiction, and
(d) Other needed infrastructure projects.
C. Financial assistance from the Fund may be in the form of a loan, an investment, or a loan convertible in whole or in part to a grant upon the satisfaction of specified conditions, all upon terms specified by the Department.
D. Financial assistance from the Fund may be used only for a project that is located in a priority funding area or meets an exception to the priority funding area requirements set forth in State Finance and Procurement Article, Title 5, Subtitle 7B, Annotated Code of Maryland.

Md. Code Regs. 24.05.23.05

Regulation .05B amended effective June 25, 2001 (28:12 Md. R. 1112)