{"data":{"id":"us-md/md.-code-housing-and-community-development-4-223","jurisdiction":"us-md","citation":"Md. Code, Housing and Community Development § 4–223","heading":"","body":"(a) A project qualifies as a business project if the project is:\n(1) located in:\n(i) an area designated as a priority funding area under § 5–7B–02 of the State Finance and Procurement Article; or\n(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\n(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\n(ii) eligible for funding from the Neighborhood Business Development Fund under § 6–310 of this article.\n(b) Repayment of principal and interest for a business project may be secured by:\n(1) real property;\n(2) personal property;\n(3) bank accounts;\n(4) certificates of deposit, stocks, and bonds;\n(5) credit enhancement, assurance, or guaranty; or\n(6) any other collateral acceptable to the Administration.\n(c) Financial assistance for a business project may be provided as:\n(1) a loan;\n(2) a reduction in the principal obligation of or interest rate on a loan or portion of a loan;\n(3) a prepayment of interest on a subordinate or superior loan or portion of a loan;\n(4) an assurance;\n(5) a guarantee or other form of credit enhancement; or\n(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.","path":["Article - Housing and Community Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=ghs\u0026section=4-223","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:07Z","sha256":"8393767d2b4614f6951b54959dccabc40f3db00568ab8d4e65623d50813943dd","source_id":"us-md","stale":false,"prev":"us-md/md.-code-housing-and-community-development-4-222","next":"us-md/md.-code-housing-and-community-development-4-225"},"notice":"GroundRules: Original legal text. Not legal advice."}