05.06.09.02 - Definitions

05.06.09.02. Definitions

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

B. Terms Defined.

(1) "Act" means Housing and Community Development Article, Title 3, Subtitle 2, Annotated Code of Maryland, as amended.

(2) Business Project.

(a) "Business project" means a project located in an area designated as a priority funding area under § 5-7B-02 of the State Finance and Procurement Article.

(b) "Business project" means a project that is:

(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

(ii) Eligible for funding from the Neighborhood Business Development Fund under Housing and Community Development Article, § 6-310, Annotated Code of Maryland.

(3) "Department" means the Department of Housing and Community Development.

(4) "Fund" means the Maryland Housing Fund, and, when appropriate, its authorized officers or personnel.

(5) Mortgage.

(a) "Mortgage" means a written instrument evidencing or creating a lien against real property to provide collateral to secure the repayment of a debt.

(b) "Mortgage " includes a deed of trust.

(6) Nonprofit Entity.

(a) "Nonprofit entity" means any organization exempt from taxation under the Internal Revenue Code of the United States, 26 U.S.C. § 501(c).

(b) "Nonprofit entity" includes local development agencies and local development corporations, as defined in Housing and Community Development Article, § 4-201, Annotated Code of Maryland, and organizations exempt by reason of a charitable or public purpose.

(c) "Nonprofit entity" does not include limited dividend corporations or partnerships.

(7) "Secretary" means the Secretary of Housing and Community Development or the Secretary's designee.

(Regulation .02 adopted effective 45:6 Md. R. 317, eff. 3/26/2018)

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