Md. Code, Econ. Dev. § 10-1104

Current with changes from the 2024 Legislative Session

Section 10-1104 - Purposes

The purposes of the Corporation are to:

(1) do all things necessary to qualify as a qualified community development entity;

(2) apply to the U.S. Department of the Treasury to be designated as a qualified community development entity;

(3) apply to the U.S. Department of the Treasury for an allocation of new markets tax credits;

(4) receive, make, and facilitate qualified equity investments and financial assistance available in low-income communities in the State;

(5) allocate any new markets tax credits received by the Corporation;

(6) coordinate with other qualified community development entities in the State to help ensure that low-income communities are receiving the maximum benefit of qualified equity investments in the State;

(7) make investments and financial assistance available to low-income communities in the State from the Corporation's money or from any other source;

(8) build a long-term financial capacity and sustained investment in low-income communities in the State;

(9) coordinate and create pathways to follow-on financing in the State; and

(10) foster inclusive and diverse entrepreneurship and innovation throughout the State, which may include initiatives to raise awareness of programs to assist low-income communities.

Md. Code, EC § 10-1104

Added by 2024 Md. Laws, Ch. 123,Sec. 1, eff. 7/1/2024.