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14.29.04.00.htm 14.29.04.00. Title 14 INDEPENDENT AGENCIES Subtitle 29 MARYLAND HERITAGE AREAS AUTHORITY Chapter 04 Maryland Heritage Areas Loan Program Authority: Financial Institutions Article, §13-1107(6) and (12) and 13-1113, Annotated Code of Maryland
14.29.04.01.htm 14.29.04.01. 01 General.. This chapter prescribes the policies, procedures, and authorizations for administering the Maryland Heritage Areas Loan Program and providing loans from the Maryland Heritage Areas Authority Financing Fund of the Maryland Heritage Areas Authority, an independent unit of government that operates in the Department of Housing and Community Development.
14.29.04.02.htm 14.29.04.02. 02 Purpose.. The purpose of the Program is to provide a source of funding, including loans to local jurisdictions or other appropriate entities, to assist and encourage preservation and economic development of heritage areas certified by the Maryland Heritage Areas Authority.
14.29.04.03.htm 14.29.04.03. 03 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Act" means Financial Institutions Article, §13-1101―13-1124, Annotated Code of Maryland.. 2) "Acquisition" means the act or process of acquiring fee title or an interest other than fee title of real or personal property.3) "Authority" means the Maryland Heritage Areas Authority established under Financial Institutions Article, §13-1103, Annotated Code of Maryland.
14.29.04.04.htm 14.29.04.04. 04 Eligible Borrowers.. A. The following are eligible borrowers under the Program:. 1) Nonprofit organizations;. 2) Local jurisdictions;. 3) Business entities; and. 4) Individuals.. B. A local jurisdiction shall submit an application together with all other local jurisdictions within the certified heritage area that will benefit from the loan.C. A nonprofit organization or business entity shall:. 1) Be authorized to submit an application by the entity designated to manag
14.29.04.05.htm 14.29.04.05. 05 Eligible Activities.. A. General Eligibility. To be eligible for a loan, the project shall:. 1) Address or complete a priority activity outlined in an approved management plan;. 2) Be located within a certified heritage area target investment zone; and. 3) Conform to the Secretary of Interior Standards for Treatment of Historic Properties, if applicable.B. Loans. The Authority may provide loans from the Fund to an eligible borrower for:. 1) Acquisition of property;.
14.29.04.06.htm 14.29.04.06. 06 General Loan Allocation Procedures.. A. Application Solicitation. Loan applications are accepted on a schedule determined by the Authority.B. Funds Allocation.. 1) Loans from the Program generally are available on a first-come, first-served basis based upon the satisfaction of application requirements and selection criteria contained in this regulation, especially the readiness of the project to initiate activity.2) If a project application is submitted but fundi
14.29.04.07.htm 14.29.04.07. 07 Authority Approval.. A. After analysis by Authority staff and review by the MHAA Technical Advisory Committee, the Authority shall review each proposed loan, including any proposed special terms or conditions for the activity, and approve or disapprove each loan. The Authority may fund applications at levels lower than requested. Not all applicants may be funded.B. If the Authority does not approve a loan, the Authority shall notify the applicant in writing..
14.29.04.08.htm 14.29.04.08. 08 Loan Terms and Conditions.. A. General Requirements.. 1) Maximum Loan Amount. The Authority shall establish a maximum loan amount for any proposed project proportionate to the value of the project to be assisted, less any preexisting indebtedness on the property or collateral securing the loan.2) Interest Rate.. a) From time to time, the Authority shall establish interest rates.. b) Interest rates may be preferred in relation to rates for other loans made at the time..
14.29.04.09.htm 14.29.04.09. 09 Loan Administration.. A. Books and Records.. 1) Borrowers, contractors, and subcontractors shall maintain the books, accounts, and records and shall file with the Authority the financial and other reports as the Authority may from time to time require. All of the books, accounts, and records shall be open to the inspection of representatives of the Authority or other agencies of the State during reasonable working hours before, during, or after the term of the loan.
14.29.04.10.htm 14.29.04.10. 10 Default.. A. Modification. In the event of default of a loan, the Authority may:. 1) Modify the rate of interest;. 2) Defer payment of principal, interest, or both;. 3) Modify the term of the loan; or. 4) Modify the loan in any other manner in order to promote repayment of the loan and achieve the purposes of the Program.B. Foreclosure.. 1) In the event of default of a loan, the Authority may exercise all remedies provided by law and the loan documents, includi
14.29.04.11.htm 14.29.04.11. 11 Program Administration.. A. Except for waivers, any action or decision required or permitted to be taken or made by the Authority under this chapter may be taken or made by the Authority's designee.B. The Authority may terminate a loan or refuse to make additional disbursements under the loan documents if it finds that the borrower is not complying with any of the requirements of the Program or the loan documents.C. The Authority may establish from time to time o
14.29.04.12.htm 14.29.04.12. 12 Waiver.. The Authority may waive or vary a provision of this chapter if:. A. The waiver or variance is not inconsistent with the Act; and. B. In the written determination of the Authority, applying the provision in a specific case or emergency situation would be inequitable or contrary to the purposes of the Act.
14.29.04.13.htm 14.29.04.13. 13 False Statements.. A. A person may not knowingly make, or cause to be made, a false statement in any document submitted to the Authority in connection with an application for a loan or affecting an existing loan.B. A person who violates any provision of this chapter is subject to:. 1) Immediate cancellation and reimbursement of the loan; and. 2) Any penalties authorized by law..
14.29.04.9999.htm 14.29.04.9999. Administrative History Effective date: October 13, 2003 (30:20 Md. R. 1448).
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