Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 15 - STATE ACTION LOANS FOR TARGETED AREAS › Chapter 05.15.01 - State Action Loans for Targeted Areas Program › Section 05.15.01.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Act" means Housing and Community Development Article, §§
										2-102 and  2-111, Annotated Code of Maryland, as amended.
(2) "Administration" means the Community Development Administration of the Division of Development Finance, a division of the Department.
(3) "Area" means a geographic area within a local jurisdiction described by a closed perimeter boundary.
(4) "Business entity" means a person operating or conducting a trade or business.
(5) "County" means any of the 23 counties of this State and the Mayor and City Council of Baltimore.
(6) "Department" means the Department of Housing and Community Development, a principal department of the State.
(7) "Emergency housing" means short term or temporary housing, the demand for which arises out of a natural disaster declared by the Governor of the State or certified by the appropriate State or federal agency. "Emergency housing" does not include shelter for the homeless, battered men or women, or for other special populations.
(8) "Family" means all individuals who occupy a housing unit including individuals who are related by birth, marriage, or adoption, one person living alone, or any other group of related or unrelated individuals who share living arrangements.
(9) "Fiduciary representative" means a legal entity designated by a local jurisdiction and approved by the Department to receive and disburse on behalf of the Department, the financial assistance provided by the Program.
(10) "Financial assistance" means any form of assurance, guarantee, payment, credit enhancement, or other assistance, and may include a loan, loan guarantee (including insurance and coinsurance), reduction in the rate of interest payable on a loan or portion of a loan, and prepayment of interest on a loan or portion of a loan. "Financial assistance" does not include grants.
(11) "Financial assistance documents" means those documents executed by and among the local jurisdiction, sponsor, and the Department which set forth the terms and conditions of financial assistance under the Program.
(12) "Fund" means the State Action Loans for Targeted Areas Fund.
(13) "Housing Finance Review Committee" means the Housing Finance Review Committee established pursuant to Housing and Community Development Article, §
										4-208, Annotated Code of Maryland, as amended.
(14) "Legal entity" means a corporation, association, general partnership, limited partnership, joint venture, organization, business, government or political subdivision thereof, or governmental agency.
(15) "Local jurisdiction" means a county or municipality.
(16) "Long-term leasehold interest" means a lease for a period at least 3 years longer than the repayment period of any financial assistance.
(17) "Low-income persons" means an individual or household whose income does not exceed 60 percent of the State or area wide income for a household of like size.
(18) "Minor rehabilitation" means nonstructural improvements to interior or exterior of buildings, including but not limited to such items as facade improvements or repair of signage, doors, windows, trims, cornices, siding, awnings, roofing, interior walls, and ceilings.
(19) "Moderate-income persons" means an individual or household whose income does not exceed 80 percent of the State or area-wide median income for a household of like size.
(20) "Municipality" means a municipal corporation subject to the provisions of the State Constitution, Article XI-E.
(21) "Nonprofit organization" means a:
(a) Legal entity no part of the earnings of which inures to the benefit of any private shareholder or individual holding an interest in that entity; or
(b) Limited partnership if:
(i) Each of the general partners qualifies as a nonprofit organization, or
(ii) The limited partnership is a wholly owned subsidiary of a nonprofit organization,
(iii) The limited partnership is formed for the purpose of undertaking a SALT project that is eligible in whole or in part for federal programs or incentives, including low-income housing tax credits, and
(iv) An organization that meets the criteria set forth in §B(23)(a) of this regulation is managing the project or will be the recipient of net cash flow or the residual sale proceeds upon sale of the project.
(22) "Program" means the State Action Loans for Targeted Areas Program (SALT).
(23) "Program funds" means monies from the Program that are used to provide financial assistance.
(24) "Program income" means any interest or other form of income generated by the Fund.
(25) "Project" means a residential, commercial, industrial, or mixed-use development which qualifies for financial assistance under the Program.
(26) "Reasonable proximity" means that the location of a project in relation to a targeted area is such that the project has a substantial impact on the provision of jobs, housing, or overall commercial revitalization to a targeted area, but a project may not be located more than 1/2 mile from the boundary of a targeted area.
(27) "Secretary" means the Secretary of Housing and Community Development.
(28) "Sponsor" means any individual, local jurisdiction, legal entity, or nonprofit organization, that is eligible to receive financial assistance under the Program.
(29) "Targeted area" means an area which has been designated in accordance with Regulation .10 of this chapter.