Md. Code Regs. 34.04.02.03

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

Section 34.04.02.03 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Acquisition" means the act or process of acquiring fee title or an interest other than fee title of historic property, including the purchase or acquisition of preservation easements, leasehold estates subject to ground rents, development rights, or remainder interests.

(2) "Act" means State Finance and Procurement Article, §§ 5A-301 and 5A-327, Annotated Code of Maryland, as amended.

(3) "Administrative costs" means indirect costs for common or joint objectives that cannot be readily identified with an individual project, including a transferee's costs of day-to-day general operations associated with carrying out a transfer and restoring or rehabilitating historic properties owned by a transferee for resale or lease.

(4) "Borrower" means an applicant who receives a loan through the Program.

(5) "Business entity" means a corporation, association, partnership, joint venture, or other legally organized entity.

(6) "Code" means the Annotated Code of Maryland, as amended.

(7) "Department" means the Department of Planning.

(8) "Director" means the Director of the Maryland Historical Trust.

(9) "Expenditure" means a disbursement of money from the Fund to the Trust for the acquisition of historic property or the restoration or rehabilitation of historic properties owned by the Trust.

(10) "Fund" means the Historic Preservation Loan Fund for the Program established by the Act.

(11) "Historic property" means a district, site, building, structure, monument, or object that is significant in the prehistory, history, upland and underwater archaeology, architecture, engineering, and culture of the State, and which, for loans only, is listed in or is eligible for listing in the Maryland Register of Historic Properties.

(12) "Loan" means the disbursement of a loan from the Fund.

(13) "Loan documents" means the note, loan agreement, and other documents between the borrower and the Trust which evidence the terms and conditions of the loan.

(14) "Local jurisdiction" means any of the 23 counties of the State of Maryland, the City of Baltimore, any municipal corporation in Maryland subject to the provisions of Article XI-E of the Maryland Constitution, and any duly authorized agency or instrumentality of a local jurisdiction.

(15) "Maryland Register of Historic Properties" means the register of historic properties in Maryland which is established by the Trust under State Finance and Procurement Article, § 5A-323, Annotated Code of Maryland.

(16) "Nonprofit organization" means a corporation, foundation, governmental entity, or other legal entity, no part of the net earnings of which inures to the benefit of any private shareholder or individual holding an interest in such entity.

(17) "Preparation costs" has the meaning stated in State Finance and Procurement Article, § 5A-322, Annotated Code of Maryland, as amended.

(18) "Program" means the Historic Preservation Loan Program of the Trust established by the Act.

(19) "Programmatic expenses" means direct costs, excluding preparation costs, that can be specifically identified with the process of developing and implementing a subloan program, or a program for acquiring and rehabilitating historic properties for resale or lease, with the proceeds of a transfer.

(20) "Project" means one or more of the eligible activities set forth in Regulation .05 of this chapter.

(21) "Qualified cooperating nonprofit organization" means a nonprofit organization in good standing with the State Department of Assessments and Taxation that:

(a) Is based in the State;

(b) Operates Statewide; and

(c) Has demonstrated experience in:

(i) Rehabilitating historic structures;

(ii) Managing preservation funds; and

(iii) Holding preservation easements.

(22) "Rehabilitation" means the act or process of returning an historic property to a state of utility through repair or alteration which makes possible an efficient contemporary use while preserving those portions or features which are significant to its historical and cultural values.

(23) "Restoration" means the act or process of applying measures to sustain the existing form, integrity, and material of an historic property or of accurately recovering the form and details of an historic property as it appeared at a particular period of time by means of the removal of later work or by the replacement of missing earlier work.

(24) "Secretary" means the Secretary of Planning.

(25) "State Historic Preservation Officer" means the individual who administers the State Historic Preservation Program in the State under the provisions of the National Historic Preservation Act of 1966.

(26) "Subloan" means a transferee's disbursement of the proceeds of a transfer as a loan under Regulation .05C(1)(d) and (e) of this chapter.

(27) "Transfer" means a disbursement of money from the Fund to a qualified cooperating nonprofit organization for one or more of the purposes identified in Regulation .05C(1)(a)-(c) of this chapter.

(28) "Transferee" means a qualified cooperating nonprofit organization that applies for and receives a transfer through the Program.

(29) "Trust" means the Maryland Historical Trust, an agency within the Division of Historical and Cultural Programs of the Department.

(30) "Trustees'' means the Trustees of the Maryland Historical Trust.

Md. Code Regs. 34.04.02.03

Regulations .03 amended effective 51:16 Md. R. 744, eff. 8/19/2024.