Maryland 2024 Regular Session

Maryland Senate Bill SB483 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	sb0483
6	6
7	7	SENATE BILL 483
8	8	C8, C9 4lr4520
9	9	CF 4lr4521
10	10	By: The President (By Request – Administration) and Senators Beidle, Brooks,
11	11	Elfreth, Gile, Hettleman, Lam, Salling, Waldstreicher, M. Washington, and
12	12	West
13	13	Introduced and read first time: January 22, 2024
14	14	Assigned to: Education, Energy, and the Environment and Budget and Taxation
15	15
16	16	A BILL ENTITLED
17	17
18	18	AN ACT concerning 1
19	19
20	20	Maryland Community Investment Corporation – Establishment 2
21	21	(Housing and Community Development Financing Act of 2024) 3
22	22
23	23	FOR the purpose of establishing the Maryland Community Investment Corporation as an 4
24	24	independent unit to make investments in certain low–income communities; 5
25	25	authorizing the Board of Directors of the Corporation to establish a certain advisory 6
26	26	committee and requiring the Corporation to establish an investment committee; 7
27	27	requiring the Corporation to apply for an allocation of federal new markets tax 8
28	28	credits; establishing eligible uses of money of the Corporation; expanding the eligible 9
29	29	uses of the Strategic Demolition and Smart Growth Impact Fund to include grants 10
30	30	and loans for debt payments and for credit enhancement for certain projects; and 11
31	31	generally relating to community investment, the Maryland Community Investment 12
32	32	Corporation, and the Strategic Demolition and Smart Growth Impact Fund. 13
33	33
34	34	BY repealing and reenacting, without amendments, 14
35	35	Article – Economic Development 15
36	36	Section 9–101(a), (c), and (e) 16
37	37	Annotated Code of Maryland 17
38	38	(2018 Replacement Volume and 2023 Supplement) 18
39	39
40	40	BY adding to 19
41	41	Article – Economic Development 20
42	42	Section 10–1101 through 10–1123 to be under the new subtitle “Subtitle 11. 21
43	43	Maryland Community Investment Corporation” 22
44	44	Annotated Code of Maryland 23
45	45	(2018 Replacement Volume and 2023 Supplement) 24
46	46
47	47	BY repealing and reenacting, with amendments, 25
48	48	Article – Housing and Community Development 26 2 SENATE BILL 483
49	49
50	50
51	51	Section 4–508 1
52	52	Annotated Code of Maryland 2
53	53	(2019 Replacement Volume and 2023 Supplement) 3
54	54
55	55	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 4
56	56	That the Laws of Maryland read as follows: 5
57	57
58	58	Article – Economic Development 6
59	59
60	60	9–101. 7
61	61
62	62	(a) In this division the following words have the meanings indicated. 8
63	63
64	64	(c) “Department” means the Department of Commerce. 9
65	65
66	66	(e) “Secretary” means the Secretary of Commerce. 10
67	67
68	68	SUBTITLE 11. MARYLAND COMMUNITY INVESTMENT CORPORATION . 11
69	69
70	70	10–1101. 12
71	71
72	72	(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 13
73	73	INDICATED. 14
74	74
75	75	(B) “BOARD” MEANS THE BOARD OF DIRECTORS OF THE CORPORATION . 15
76	76
77	77	(C) “CORPORATION ” MEANS THE MARYLAND COMMUNITY INVESTMENT 16
78	78	CORPORATION . 17
79	79
80	80	(D) “INVESTMENT COMMITTEE ” MEANS A COMMITTEE AP POINTED BY THE 18
81	81	BOARD TO ADVISE ON AN D APPROVE INVESTMENT S AS REQUIRED UNDER THIS 19
82	82	SUBTITLE. 20
83	83
84	84	(E) “LOW–INCOME COMMUNITY ” MEANS A COMMUNITY IN THE STATE THAT 21
85	85	MEETS THE DEFINITION OF A LOW–INCOME COMMUNITY UND ER 26 U.S.C. § 22
86	86	45D(E)(1). 23
87	87
88	88	(F) “NEW MARKETS TAX CREDI T” MEANS THE FEDERAL TA X CREDITS 24
89	89	ALLOCATED UNDER 26 U.S.C. § 45D. 25
90	90
91	91	(G) “QUALIFIED COMMUNITY D EVELOPMENT ENTITY ” MEANS AN ENTITY 26
92	92	THAT MEETS THE DEFIN ITION OF A QUALIFIED COMMU NITY DEVELOPMENT ENT ITY 27
93	93	UNDER 26 U.S.C. § 45D(C)(1). 28
94	94	SENATE BILL 483 3
95	95
96	96
97	97	(H) “QUALIFIED EQUITY INVE STMENT” MEANS AN INVESTMENT THAT 1
98	98	MEETS THE DEFINITION OF A QUALIFIED EQUIT Y INVESTMENT UNDER 26 U.S.C. § 2
99	99	45D(B)(1). 3
100	100
101	101	10–1102. 4
102	102
103	103	THIS SUBTITLE SHALL B E LIBERALLY CONSTRUE D TO CARRY OUT THE 5
104	104	PURPOSES OF THIS SUB TITLE. 6
105	105
106	106	10–1103. 7
107	107
108	108	(A) THERE IS A MARYLAND COMMUNITY INVESTMENT CORPORATION . 8
109	109
110	110	(B) THE CORPORATION IS A BODY POLITIC AND CORPORAT E AND IS AN 9
111	111	INSTRUMENTALITY OF T HE STATE. 10
112	112
113	113	10–1104. 11
114	114
115	115	THE PURPOSES OF THE CORPORATION ARE TO : 12
116	116
117	117	(1) DO ALL THINGS NECESS ARY TO QUALIFY AS A QUALIFIED 13
118	118	COMMUNITY DEVELOPMEN T ENTITY; 14
119	119
120	120	(2) APPLY TO THE U.S. DEPARTMENT OF THE TREASURY TO BE 15
121	121	DESIGNATED AS A QUAL IFIED COMMUNITY DEVE LOPMENT ENTITY; 16
122	122
123	123	(3) APPLY TO THE U.S. DEPARTMENT OF THE TREASURY FOR AN 17
124	124	ALLOCATION OF NEW MA RKETS TAX CREDITS; 18
125	125
126	126	(4) RECEIVE, MAKE, AND FACILITATE QUALI FIED EQUITY 19
127	127	INVESTMENTS AND FINA NCIAL ASSISTANCE AVA ILABLE IN LOW –INCOME 20
128	128	COMMUNITIES IN THE STATE; 21
129	129
130	130	(5) ALLOCATE ANY NEW MARKE TS TAX CREDITS RECEIVED BY THE 22
131	131	CORPORATION ; 23
132	132
133	133	(6) COORDINATE WITH OTHE R QUALIFIED COMMUNIT Y 24
134	134	DEVELOPMENT ENTITIES IN THE STATE TO HELP ENSURE THAT LOW–INCOME 25
135	135	COMMUNITIES ARE RECE IVING THE MAXIMUM BE NEFIT OF QUALIFIED E QUITY 26
136	136	INVESTMENTS ; 27
137	137	4 SENATE BILL 483
138	138
139	139
140	140	(7) MAKE INVESTMENTS AND FINANCIAL ASSISTANCE AVAILABLE TO 1
141	141	LOW–INCOME COMMUNITIES F ROM THE CORPORATION ’S MONEY OR FROM ANY 2
142	142	OTHER SOURCE ; 3
143	143
144	144	(8) BUILD A LONG –TERM FINANCIAL CAPAC ITY AND SUSTAINED 4
145	145	INVESTMENT IN LOW –INCOME COMMUNITIES I N THE STATE; 5
146	146
147	147	(9) COORDINATE AND CREAT E PATHWAYS TO FOLLOW –ON FINANCING 6
148	148	IN THE STATE; AND 7
149	149
150	150	(10) FOSTER INCLUSIVE AND DIVERSE ENTREPRENEUR SHIP AND 8
151	151	INNOVATION THROUGHOU T THE STATE, WHICH MAY INCLUDE IN ITIATIVES TO RAISE 9
152	152	AWARENESS OF PROGRAM S TO ASSIST LOW–INCOME COMMUNITIES . 10
153	153
154	154	10–1105. 11
155	155
156	156	(A) A BOARD OF DIRECTORS SHALL MANAG E THE CORPORATION AND ITS 12
157	157	UNITS AND EXERCISE I TS CORPORATE POWERS . 13
158	158
159	159	(B) THE BOARD CONSISTS OF THE FOLLOWING MEMBERS : 14
160	160
161	161	(1) THE COMPTROLLER OR THE COMPTROLLER ’S DESIGNEE; 15
162	162
163	163	(2) THE SECRETARY OR THE SECRETARY’S DESIGNEE; 16
164	164
165	165	(3) THE SECRETARY OF HOUSING AND COMMUNITY DEVELOPMENT 17
166	166	OR THE SECRETARY’S DESIGNEE; 18
167	167
168	168	(4) THE SECRETARY OF PLANNING OR THE SECRETARY’S DESIGNEE; 19
169	169
170	170	(5) THE SECRETARY OF GENERAL SERVICES OR THE SECRETARY’S 20
171	171	DESIGNEE; AND 21
172	172
173	173	(6) THE FOLLOWING MEMBERS APPOINTED BY THE GOVERNOR WITH 22
174	174	THE ADVICE AND CONSE NT OF THE SENATE: 23
175	175
176	176	(I) ONE REPRESENTATIVE OF NONPROFIT ENTITIES I N THE 24
177	177	STATE; AND 25
178	178
179	179	(II) ONE REPRESENT ATIVE OF LOW–INCOME COMMUNITIES . 26
180	180
181	181	(C) A MEMBER OF THE BOARD SHALL RESIDE IN THE STATE. 27
182	182	SENATE BILL 483 5
183	183
184	184
185	185	(D) IN MAKING APPOINTMENT S TO THE BOARD, THE GOVERNOR SHALL 1
186	186	CONSIDER: 2
187	187
188	188	(1) DIVERSITY; AND 3
189	189
190	190	(2) ALL GEOGRAPHIC REGIO NS OF THE STATE. 4
191	191
192	192	(E) A MEMBER OF THE BOARD: 5
193	193
194	194	(1) MAY NOT RECEIVE COMP ENSATION AS A MEMBER OF THE BOARD; 6
195	195	BUT 7
196	196
197	197	(2) IS ENTITLED TO REIMBURS EMENT FOR EXPENSES U NDER THE 8
198	198	STANDARD STATE TRAVEL REGULATIONS, AS PROVIDED IN THE STATE BUDGET . 9
199	199
200	200	(F) (1) THE TERM OF AN APPOIN TED MEMBER IS 4 YEARS. 10
201	201
202	202	(2) THE TERMS OF THE APPO INTED MEMBERS ARE ST AGGERED AS 11
203	203	REQUIRED BY THE TERM S PROVIDED FOR MEMBERS ON OCTOBER 1, 2024. 12
204	204
205	205	(3) AT THE END OF A TERM , AN APPOINTED MEMBER CONTINUES TO 13
206	206	SERVE UNTIL A SUCCES SOR IS APPOINTED AND QUALIFIES. 14
207	207
208	208	(4) A MEMBER WHO IS APPOIN TED AFTER A TERM HAS BEGUN SERVES 15
209	209	ONLY FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS APPOINT ED AND 16
210	210	QUALIFIES. 17
211	211
212	212	(G) (1) THIS SUBSECTION APPLI ES TO A MEMBER WHO I S APPOINTED BY 18
213	213	THE GOVERNOR UNDER SUBSEC TION (B)(6) OF THIS SECTION. 19
214	214
215	215	(2) THE GOVERNOR MAY REMOVE A N APPOINTED MEMBER F OR 20
216	216	INCOMPETENCE , MISCONDUCT , OR FAILURE TO PERFORM THE DUTIES O F THE 21
217	217	POSITION. 22
218	218
219	219	10–1106. 23
220	220
221	221	THE BOARD SHALL ELECT A C HAIR FROM AMONG ITS MEMBERS. 24
222	222
223	223	10–1107. 25
224	224
225	225	(A) FOUR MEMBERS OF THE BOARD ARE A QUORUM . 26
226	226	6 SENATE BILL 483
227	227
228	228
229	229	(B) A MAJORITY VOTE OF THE MEMBERS PRESENT AT A MEETING HAVING A 1
230	230	QUORUM IS NEEDED FOR THE CORPORATION TO ACT . 2
231	231
232	232	10–1108. 3
233	233
234	234	(A) THE BOARD SHALL APPOINT M EMBERS OF AN ADVISOR Y COMMITTEE . 4
235	235
236	236	(B) THE MEMBERSHIP OF THE ADVISORY COMMITTEE S HALL BE COMPOSED 5
237	237	OF MEMBERS REQUIRED FOR THE CORPORATION TO QUALIF Y AS A QUALIFIED 6
238	238	COMMUNITY DEVELOPMEN T ENTITY UNDER 26 U.S.C. § 45D(C)(1). 7
239	239
240	240	(C) THE BOARD SHALL ADOPT POL ICIES ESTABLISHING T HE 8
241	241	RESPONSIBILITIES OF THE ADVISORY COMMITT EE. 9
242	242
243	243	10–1109. 10
244	244
245	245	(A) THE CORPORATION SHALL EST ABLISH AN INVESTMENT COMMITTEE. 11
246	246
247	247	(B) THE CORPORATION SHALL ADO PT REGULATIONS ESTABLISHING : 12
248	248
249	249	(1) THE RESPONSIBILITIES OF THE INVESTMENT CO MMITTEE; AND 13
250	250
251	251	(2) THE PROCEDURES FOR T HE APPOINTMENT OF IN VESTMENT 14
252	252	COMMITTEE MEMBERS . 15
253	253
254	254	10–1110. 16
255	255
256	256	(A) THE CORPORATION SHALL EMP LOY A CHIEF EXECUTIVE OFFICER. 17
257	257
258	258	(B) THE CHIEF EXECUTIVE OFFICER SHALL HAVE EXPERIENC E WITH AND 18
259	259	POSSESS QUALIFICATIO NS RELEVANT TO THE A CTIVITIES AND PURPOS ES OF THE 19
260	260	CORPORATION . 20
261	261
262	262	(C) THE CHIEF EXECUTIVE OFFICER MAY NOT BE A MEMBER OF THE 21
263	263	BOARD. 22
264	264
265	265	10–1111. 23
266	266
267	267	(A) THE ATTORNEY GENERAL IS THE LEGAL ADVISOR TO THE 24
268	268	CORPORATION. 25
269	269
270	270	(B) (1) THE ATTORNEY GENERAL SHALL ASSIGN TO THE CORPORATION 26
271	271	ASSISTANT ATTORNEYS GENERAL. 27 SENATE BILL 483 7
272	272
273	273
274	274
275	275	(2) THE ATTORNEY GENERAL SHALL DESIGNA TE ONE ASSISTANT 1
276	276	ATTORNEY GENERAL AS GENERAL CO UNSEL TO THE CORPORATION . 2
277	277
278	278	(3) (I) THE GENERAL COUNSEL T O THE CORPORATION SHALL : 3
279	279
280	280	1. ADVISE THE CHIEF EXECUTIVE OFFICER, THE 4
281	281	BOARD, AND ANY OTHER OFFICI AL OF THE CORPORATION AS REQUES TED BY THE 5
282	282	CORPORATION ; 6
283	283
284	284	2. SUPERVISE THE OTHER ASSISTANT ATTORNEYS 7
285	285	GENERAL ASSIGNED TO T HE CORPORATION ; AND 8
286	286
287	287	3. PERFORM FO R THE CORPORATION OTHER DUT IES 9
288	288	THE ATTORNEY GENERAL ASSIGNS . 10
289	289
290	290	(II) THE GENERAL COUNSEL M AY NOT PROVIDE ANY O THER 11
291	291	ASSISTANCE NOT SPECI FIED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH . 12
292	292
293	293	(C) WITH THE APPROVAL OF THE ATTORNEY GENERAL, THE CORPORATION 13
294	294	MAY RETAIN ANY ADDIT IONAL NECESSARY ATTORNEYS. 14
295	295
296	296	10–1112. 15
297	297
298	298	(A) THE DEPARTMENT AND THE DEPARTMENT OF HOUSING AND 16
299	299	COMMUNITY DEVELOPMENT MAY PROVI DE STAFF TO THE CORPORATION AS 17
300	300	PROVIDED IN THE STATE BUDGET. 18
301	301
302	302	(B) THE CORPORATION MAY RETAI N ANY NECESSARY ACCO UNTANTS, 19
303	303	ENGINEERS, FINANCIAL ADVISORS , OR OTHER CONSULTANTS . 20
304	304
305	305	10–1113. 21
306	306
307	307	(A) EXCEPT AS PROVIDED IN SUBSECTIONS (B), (C), AND (E) OF THIS 22
308	308	SECTION, THE CORPORATION IS EXEMPT FROM TITLE 10 AND DIVISION II OF THE 23
309	309	STATE FINANCE AND PROCUREMENT ARTICLE. 24
310	310
311	311	(B) THE CORPORATION IS SUBJEC T TO THE PUBLIC INFORMATION ACT. 25
312	312
313	313	(C) THE BOARD, THE OFFICERS AND EMP LOYEES OF THE CORPORATION , 26
314	314	MEMBERS OF THE INVES TMENT COMMITTEE , AND MEMBERS OF ANY A DVISORY 27
315	315	COMMITTEE APPOINTED ARE S UBJECT TO THE PUBLIC ETHICS LAW. 28
316	316	8 SENATE BILL 483
317	317
318	318
319	319	(D) THE OFFICERS AND EMPL OYEES OF THE CORPORATION ARE NOT 1
320	320	SUBJECT TO THE PROVI SIONS OF DIVISION I OF THE STATE PERSONNEL AND 2
321	321	PENSIONS ARTICLE THAT GOVERN T HE STATE PERSONNEL MANAGEMENT SYSTEM. 3
322	322
323	323	(E) (1) THE CORPORATION , THE BOARD, AND EMPLOYEES OF THE 4
324	324	CORPORATION ARE SUBJECT TO TITLE 12, SUBTITLE 4 OF THE STATE FINANCE AND 5
325	325	PROCUREMENT ARTICLE. 6
326	326
327	327	(2) THE BOARD, THE OFFICERS AND EMP LOYEES OF THE 7
328	328	CORPORATION , THE MEMBERS OF THE I NVESTMENT COMMITTEE , AND THE 8
329	329	MEMBERS OF ANY ADVIS ORY COMMITTEE APPOIN TED SHALL DISCLOSE T O THE 9
330	330	STATE ETHICS COMMISSION WHETHER TH EY ARE EMPLOYED BY O R HAVE A 10
331	331	FINANCIAL INTEREST I N AN ENTITY THAT CUR RENTLY HAS OR WILL A PPLY FOR 11
332	332	FUNDS OR AN INVESTME NT IN A PROGRAM ADMI NISTERED BY THE CORPORATION . 12
333	333
334	334	(F) FOR PURPOSES OF THE OPEN MEETINGS ACT, A PROJECT SITE VISIT OR 13
335	335	EDUCATIONAL FIELD TO UR MAY NOT BE CONSID ERED A MEETING OF TH E 14
336	336	CORPORATION IF NO ORG ANIZATIONAL BUSINESS IS CONDUCTED . 15
337	337
338	338	10–1114. 16
339	339
340	340	(A) THE CORPORATION SHALL EST ABLISH A SYSTEM OF FINANCIAL 17
341	341	ACCOUNTING , CONTROLS, AUDITS, AND REPORTS . 18
342	342
343	343	(B) THE FISCAL YEAR OF TH E CORPORATION BEGINS ON JULY 1 AND ENDS 19
344	344	ON THE FOLLOWING JUNE 30. 20
345	345
346	346	10–1115. 21
347	347
348	348	(A) THE CORPORATION MAY CREAT E AND ADMINISTER THE ACCOUNTS 22
349	349	THAT IT REQUIRES . 23
350	350
351	351	(B) THE CORPORATION SHALL DEP OSIT ITS MONEY INTO A STATE OR 24
352	352	NATIONAL BANK OR A F EDERALLY INSURED SAV INGS AND LOAN ASSOCI ATION THAT 25
353	353	HAS A TOTAL PAID–IN CAPITAL OF AT LEA ST $1,000,000. 26
354	354
355	355	(C) THE CORPORATION MAY DESIG NATE THE TRUST DEPAR TMENT OF A 27
356	356	STATE BANK , NATIONAL BANK, OR SAVINGS AND LOAN ASSOCIATION AS A 28
357	357	DEPOSITORY TO RECEIV E SECURITIES THAT TH E CORPORATION OWNS OR 29
358	358	ACQUIRES. 30
359	359
360	360	(D) UNLESS AN AGREEMENT O R COVENANT BETWEEN T HE CORPORATION 31
361	361	AND THE HOLDERS OF I TS OBLIGATIONS LIMIT S CLASSES OF INVESTM ENTS, THE 32 SENATE BILL 483 9
362	362
363	363
364	364	CORPORATION MAY INVEST ITS MONEY IN BONDS OR OT HER OBLIGATIONS OF , OR 1
365	365	GUARANTEED AS TO PRI NCIPAL AND INTEREST BY, THE UNITED STATES, THE 2
366	366	STATE, OR A GOVERNMENTAL UN IT. 3
367	367
368	368	(E) ANY INCOME FROM THE I NVESTMENT OF MONEY O F THE CORPORATION , 4
369	369	INCLUDING INVESTMENT PROCEEDS AND EARNINGS , SHALL BE CREDITED TO THE 5
370	370	CORPORATION . 6
371	371
372	372	10–1116. 7
373	373
374	374	THE CORPORATION MAY : 8
375	375
376	376	(1) ADOPT BYLAWS FOR THE CONDUCT OF ITS BUSIN ESS; 9
377	377
378	378	(2) ADOPT A SEAL; 10
379	379
380	380	(3) MAINTAIN OFFICES AT A PLACE IT DESIGNATE S IN THE STATE; 11
381	381
382	382	(4) ACCEPT LOANS , GRANTS, INVESTMENTS , OR ASSISTANCE OF ANY 12
383	383	KIND FROM THE FEDERA L OR STATE GOVERNMENT , A LOCAL GOVERNMENT , A 13
384	384	COLLEGE OR UNIVERSIT Y, OR A PRIVATE SOURCE ; 14
385	385
386	386	(5) ENTER INTO CONTRACTS AND OTHER LEGAL INST RUMENTS; 15
387	387
388	388	(6) SUE OR BE SUED; 16
389	389
390	390	(7) ACQUIRE, PURCHASE, HOLD, LEASE AS LESSEE, AND USE: 17
391	391
392	392	(I) A FRANCHISE, PATENT, OR LICENSE; 18
393	393
394	394	(II) ANY REAL, PERSONAL, MIXED, TANGIBLE, OR INTANGIBLE 19
395	395	PROPERTY; OR 20
396	396
397	397	(III) AN INTEREST IN THE P ROPERTY LISTED IN TH IS ITEM; 21
398	398
399	399	(8) SELL, LEASE AS LESSOR , TRANSFER, LICENSE, ASSIGN, OR 22
400	400	DISPOSE OF PROPERTY OR A PROPERTY INTERE ST THAT IT ACQUIRES ; 23
401	401
402	402	(9) FIX AND COLLECT RATE S, RENTALS, FEES, ROYALTIES, AND 24
403	403	CHARGES FOR SERVICES AND RESOURCES IT PRO VIDES OR MAKES AVAIL ABLE; 25
404	404	10 SENATE BILL 483
405	405
406	406
407	407	(10) CREATE, OWN, CONTROL, OR BE A MEMBER OF A CORPORATION , 1
408	408	LIMITED LIABILITY COMP ANY, PARTNERSHIP , OR OTHER ENTITY , WHETHER 2
409	409	OPERATED FOR PROFIT OR NOT FOR PROFIT ; 3
410	410
411	411	(11) EXERCISE POWER USUAL LY POSSESSED BY A PR IVATE 4
412	412	CORPORATION IN PERFO RMING SIMILAR FUNCTI ONS UNLESS TO DO SO WOULD 5
413	413	CONFLICT WITH STATE LAW; AND 6
414	414
415	415	(12) DO ALL THINGS NECESS ARY OR CONVENIENT TO CARRY OUT THIS 7
416	416	SUBTITLE. 8
417	417
418	418	10–1117. 9
419	419
420	420	THE BOARD SHALL: 10
421	421
422	422	(1) DEVELOP A PUBLIC AND INTERNAL STRATEGIC P LAN THAT 11
423	423	INCLUDES: 12
424	424
425	425	(I) PERFORMANCE GOALS AN D MEASURES; 13
426	426
427	427	(II) A MISSION STATEMENT AN D CORE VALUES ; 14
428	428
429	429	(III) AN ANALYSIS OF STREN GTHS, WEAKNESSES , 15
430	430	OPPORTUNITIES , AND THREATS ; 16
431	431
432	432	(IV) ACTION PLANS; AND 17
433	433
434	434	(V) YEARLY AND LONG –TERM GOALS AND OBJEC TIVES; 18
435	435
436	436	(2) REVIEW STRATEGIC PLA NS AND UPDATE THE PLANS ANNUALLY 19
437	437	TO MEASURE PERFORMAN CE; 20
438	438
439	439	(3) APPROVE COMPENS ATION PLANS FOR THE CHIEF EXECUTIVE 21
440	440	OFFICER AND EMPLOYEES OF THE CORPORATION ; 22
441	441
442	442	(4) DESIGNATE A PERSON T O REVIEW AND APPROVE EXPENSE 23
443	443	REIMBURSEMENTS OF TH E CHIEF EXECUTIVE OFFICER AND EMPLOYEES OF THE 24
444	444	CORPORATION IN ACCORD ANCE WITH STANDARDS ESTABLISHED BY THE BOARD; 25
445	445
446	446	(5) DESIGNATE A PERSON T O RECEIVE ETHICS COMPLAINTS AND ANY 26
447	447	COMPLAINTS INVOLVING THE BOARD, THE CHIEF EXECUTIVE OFFICER, AND 27
448	448	EMPLOYEES OF THE CORPORATION ; 28
449	449	SENATE BILL 483 11
450	450
451	451
452	452	(6) ESTABLISH POLICIES T HAT GOVERN: 1
453	453
454	454	(I) SEVERANCE PACKAGES F OR EMPLOYEES THAT 2
455	455	INVOLUNTARILY LEAVE E MPLOYMENT ; 3
456	456
457	457	(II) TUITION REIMBURSEMEN T AND LIMITS FOR EMP LOYEES; 4
458	458
459	459	(III) ELIGIBLE EXPENSE REI MBURSEMENT REQUIREMENT S 5
460	460	THAT INCLUDE : 6
461	461
462	462	1. THE TYPES OF EXPENSES THAT ARE CONSIDERED 7
463	463	PART OF CORPORATION FUNCTIONS ; 8
464	464
465	465	2. LIMITS ON REIMBURSEMENTS AND T IME FRAMES FOR 9
466	466	SUBMISSION; AND 10
467	467
468	468	3. ALLOWABLE TRAVEL EXPENSES INCL UDING ANY 11
469	469	OUT–OF–STATE TRAVEL; 12
470	470
471	471	(IV) THE USE OF ALL CORPORATION EQUIPMENT , PERSONAL 13
472	472	PROPERTY, AND REAL PROPERTY AN D WHETHER ANY PROPER TY MAY BE 14
473	473	TRANSFERRED TO A DEP ARTING EMPLOYEE ; AND 15
474	474
475	475	(V) WHISTLEBLOWER COMPLA INTS AND PROTECTIONS FOR 16
476	476	THOSE FILING COMPLAI NTS; AND 17
477	477
478	478	(7) CONDUCT AN ANNUAL PE RFORMANCE REVIEW OF THE CHIEF 18
479	479	OPERATING OFFICER. 19
480	480
481	481	10–1118. 20
482	482
483	483	(A) EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION , THE 21
484	484	CORPORATION MAY MAKE QUALIFIED EQUITY INV ESTMENTS AND OTHER F INANCIAL 22
485	485	ASSISTANCE AVAILABLE TO PROJECT S IN LOW–INCOME COMMUNITIES IF THE 23
486	486	INVESTMENTS ARE MADE ON REVIEW AND APPROV AL OF A WRITTEN APPL ICATION 24
487	487	THAT CONTAINS: 25
488	488
489	489	(1) SUFFICIENT INFORMATI ON TO VERIFY THAT TH E PROJECT IS IN 26
490	490	THE STATE; AND 27
491	491
492	492	(2) A CERTIFICATION OF T HE VERACITY OF THE I NFORMATION BY AN 28
493	493	AUTHORIZED SIGNATORY OF THE APPLICANT . 29
494	494	12 SENATE BILL 483
495	495
496	496
497	497	(B) IN REGARD TO ANY AND ALL PROGRAMS OF THE CORPORATION , EXCEPT 1
498	498	AS OTHERWISE PR OVIDED IN THIS SUBTI TLE, THE CORPORATION SHALL ADO PT 2
499	499	REGULATIONS TO GOVER N INVESTMENTS UNDER THIS SUBSECTION THAT SPECIFY: 3
500	500
501	501	(1) THE TYPES OF BUSINES SES AND PROJECTS IN WHICH AN 4
502	502	INVESTMENT MAY BE MA DE; 5
503	503
504	504	(2) THE BASIC STANDARDS AN ENTERPRISE SHALL MEET TO QUALIFY 6
505	505	FOR AN INVESTMENT ; 7
506	506
507	507	(3) THE AMOUNT OF MONEY AVAILABLE FOR INVEST MENT; 8
508	508
509	509	(4) THE INVESTMENT POLIC Y STATEMENT OF THE CORPORATION 9
510	510	THAT DESCRIBES THE P ROCEDURES , CRITERIA, INVESTMENT PHILOSOPH Y, AND 10
511	511	GUIDELINES FOR HOW T HE CORPORATION ’S INVESTMENT DECISIONS WILL BE 11
512	512	MADE; AND 12
513	513
514	514	(5) A PROCESS FOR CONSID ERING WHETHER INVESTMENTS HELP TO 13
515	515	FOSTER INCLUSIVE AND DIVERSE ENTREPRENEUR SHIP, INCLUDING THE 14
516	516	CORPORATION ’S SUPPORT FOR LOW –INCOME COMMUNITIES . 15
517	517
518	518	(C) THE CORPORATION MAY MAKE INVESTMENTS UNDER AN AGREEMENT 16
519	519	WITH THE BOARD OF TRUSTEES FOR THE STATE RETIREMENT AND PENSION 17
520	520	SYSTEM UNDER § 21–123.2 OF THE STATE PERSONNEL AND PENSIONS ARTICLE. 18
521	521
522	522	10–1119. 19
523	523
524	524	THE CORPORATION MAY : 20
525	525
526	526	(1) PROVIDE EQUITY INVES TMENT TO A QUALIFIED BUSINESS OR 21
527	527	PROJECT IN THE FORM OF A GRANT, LOAN, TAX CREDIT ALLOCATIO N, OR ANY OTHER 22
528	528	FORM OF FINANCIAL AS SISTANCE TO CARRY OU T ITS PURPOSES; 23
529	529
530	530	(2) ACQUIRE, DEVELOP, IMPROVE, MANAGE, MARKET, LICENSE, 24
531	531	SUBLICENSE, MAINTAIN, LEASE AS LESSOR OR L ESSEE, OR OPERATE A PROJECT IN 25
532	532	THE STATE TO CARR Y OUT ITS PURPOSES ; AND 26
533	533
534	534	(3) ACQUIRE, DIRECTLY OR INDIRECT LY, FROM A PERSON OR 27
535	535	POLITICAL SUBDIVISIO N, BY PURCHASE , GIFT, OR DEVISE, ANY PROPERTY , 28
536	536	RIGHTS–OF–WAY, FRANCHISES, EASEMENTS, OR OTHER INTERESTS I N LAND, 29
537	537	INCLUDING SUBMERGED LAND AND RIPARIAN RI GHTS: 30
538	538	SENATE BILL 483 13
539	539
540	540
541	541	(I) AS NECESSARY OR CONV ENIENT TO IMPROVE OR OPERATE 1
542	542	A PROJECT TO CARRY O UT ITS PURPOSES ; AND 2
543	543
544	544	(II) ON THE TERMS AND AT THE PRICES THAT THE 3
545	545	CORPORATION CONSIDERS REASONABLE . 4
546	546
547	547	10–1120. 5
548	548
549	549	A DEBT, CLAIM, OBLIGATION, OR LIABILITY OF THE CORPORATION OR ANY 6
550	550	SUBSIDIARY IS NOT : 7
551	551
552	552	(1) A DEBT, CLAIM, OBLIGATION, OR LIABILITY OF THE STATE, A UNIT 8
553	553	OR INSTRUMENTALITY O F THE STATE, OR OF A STATE OFFICER OR STATE 9
554	554	EMPLOYEE; OR 10
555	555
556	556	(2) A PLEDGE OF THE CRED IT OF THE STATE. 11
557	557
558	558	10–1121. 12
559	559
560	560	THE CORPORATION IS EXEMPT FROM STATE AND LOCAL TAXES . 13
561	561
562	562	10–1122. 14
563	563
564	564	(A) THE BOOKS AND RECORDS OF THE CORPORATION ARE SUBJE CT TO 15
565	565	AUDIT: 16
566	566
567	567	(1) AT ANY TIME BY THE STATE; AND 17
568	568
569	569	(2) EACH YEAR BY AN INDE PENDENT AUDITOR , INCLUDING AN 18
570	570	ANNUAL FINANCIAL STA TEMENT UNDER GENERAL LY ACCEPTED ACC OUNTING 19
571	571	PRINCIPLES. 20
572	572
573	573	(B) THE CORPORATION SHALL CON DUCT AN INDEPENDENT ASSESSMENT 21
574	574	OF THE BOARD AND THE CORPORATION EVERY 5 YEARS. 22
575	575
576	576	10–1123. 23
577	577
578	578	(A) (1) ON OR BEFORE OCTOBER 1 EACH YEAR, THE CORPORATION 24
579	579	SHALL REPORT TO THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE 25
580	580	STATE GOVERNMENT ARTICLE, THE GENERAL ASSEMBLY. 26
581	581
582	582	(2) THE REPORT REQUIRED U NDER THIS SUBSECTION SHALL 27
583	583	INCLUDE: 28 14 SENATE BILL 483
584	584
585	585
586	586
587	587	(I) A COMPLETE OPERATING AND FINANCIAL STATEM ENT 1
588	588	COVERING THE CORPORATION ’S OPERATIONS; 2
589	589
590	590	(II) A SUMMARY OF THE CORPORATION ’S ACTIVITIES DURING 3
591	591	THE PRECEDING FISCAL YEAR; 4
592	592
593	593	(III) INFORMATION ON ALL S ALARIES AND ANY INCE NTIVES 5
594	594	APPROVED BY THE BOARD FOR CORPORATION EMPLOYEES ; 6
595	595
596	596	(IV) INFORMATION ON OUTRE ACH, TRAINING, MENTORSHIP , 7
597	597	SUPPORT, AND INVESTMENT IN MI NORITY– AND WOMEN –OWNED QUALIFIED 8
598	598	BUSINESSES, INCLUDING SUPPORT FO R MARKETING BY THE MARYLAND SMALL 9
599	599	BUSINESS DEVELOPMENT FINANCING AUTHORITY; 10
600	600
601	601	(V) INFORMATION ON ENTIT IES THAT HAVE CURREN T 11
602	602	INVESTMENTS AND ENTI TIES THAT RECEIVED F UNDING OR INVESTMENT S IN THE 12
603	603	CURRENT YEAR O N: 13
604	604
605	605	1. THE PRINCIPAL BUSINESS O PERATIONS; 14
606	606
607	607	2. THE NUMBER OF EMPLOYEES IN THE STATE AND THE 15
608	608	NUMBER OF EMPLOYEES OUTSIDE THE STATE; 16
609	609
610	610	3. THE CAPITAL OR OTHER INV ESTMENTS MADE IN THE 17
611	611	STATE; AND 18
612	612
613	613	4. THE PROPOSED AND ACTUAL JOB CREATION OR 19
614	614	CAPITAL INVESTMENT I N THE STATE AS A RESULT OF THE INVESTMENT OR 20
615	615	SUPPORT; 21
616	616
617	617	(VI) INFORMATION ON THE C REATION OF AND APPOI NTMENTS 22
618	618	MADE TO AN ADVISORY COMMITTEE AND THE RE SPONSIBILITIES OF TH E ADVISORY 23
619	619	COMMITTEE AND MEMBER S OF THE COMMITTEE ; AND 24
620	620
621	621	(VII) THE POLICIES OF THE BOARD AND ANY CHANGES TO 25
622	622	EXISTING POLICIES . 26
623	623
624	624	(B) (1) ON A QUARTERLY BASIS , THE CORPORATION SHALL REP ORT TO 27
625	625	THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT 28
626	626	ARTICLE, THE JOINT AUDIT AND EVALUATION COMMITTEE AND THE GENERAL 29
627	627	ASSEMBLY. 30
628	628	SENATE BILL 483 15
629	629
630	630
631	631	(2) THE REPORT REQUIRED U NDER THIS SUBSECTION SHALL 1
632	632	INCLUDE A LIST OF TH E BUSINESSES AND PRO JECTS RECEIVING SUPP ORT THROUGH 2
633	633	PROGRAMS ADMINISTERE D BY THE CORPORATION , INCLUDING THOSE RECE IVING 3
634	634	INVESTMENTS MADE UND ER § 21–123.2 OF THE STATE PERSONNEL AND PENSIONS 4
635	635	ARTICLE. 5
636	636
637	637	(3) THE LIST OF BUSINESSE S AND PROJECTS RECEI VING SUPPORT 6
638	638	SHALL INCLUDE FOR EA CH: 7
639	639
640	640	(I) THE NUMBER OF EMPLOY EES IN THE STATE; 8
641	641
642	642	(II) THE NUMBER OF EMPLOY EES OUTSIDE THE STATE; 9
643	643
644	644	(III) THE CAPITAL OR OTHER INVESTMENTS MA DE IN THE STATE; 10
645	645	AND 11
646	646
647	647	(IV) PROPOSED JOB CREATIO N OR CAPITAL INVESTM ENT IN THE 12
648	648	STATE AS A RESULT OF THE INVESTMENT OR SU PPORT. 13
649	649
650	650	(C) THE CORPORATION SHALL PUB LISH ANNUAL FINANCIA L STATEMENTS , 14
651	651	AUDIT REPORTS , AND POLICIES OF THE BOARD VISIBLY ON ITS WEBSIT E. 15
652	652
653	653	Article – Housing and Community Development 16
654	654
655	655	4–508. 17
656	656
657	657	(a) In this section, “Fund” means the Strategic Demolition and Smart Growth 18
658	658	Impact Fund. 19
659	659
660	660	(b) There is a Strategic Demolition and Smart Growth Impact Fund. 20
661	661
662	662	(c) The purpose of the Fund is to provide grants and loans to assist in 21
663	663	predevelopment activities, including interior and exterior demolition, land assembly, 22
664	664	architecture and engineering, [and] site development, DEBT PAYMENTS , AND CREDIT 23
665	665	ENHANCEMENT for revitalization projects in designated areas of the State. 24
666	666
667	667	(d) The Department shall administer the Fund. 25
668	668
669	669	(e) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of 26
670	670	the State Finance and Procurement Article. 27
671	671
672	672	(2) The State Treasurer shall hold the Fund separately, and the 28
673	673	Comptroller shall account for the Fund. 29
674	674
675	675	(f) The Fund consists of: 30 16 SENATE BILL 483
676	676
677	677
678	678
679	679	(1) money appropriated in the State budget to the Fund; 1
680	680
681	681	(2) repayments of loans made from the Fund; 2
682	682
683	683	(3) interest earnings of the Fund; and 3
684	684
685	685	(4) any other money from any other source accepted for the benefit of the 4
686	686	Fund. 5
687	687
688	688	(g) (1) The Fund may be used only to provide grants and loans to government 6
689	689	agencies and community development organizations for interior and exterior demolition, 7
690	690	land assembly, architecture and engineering, [and] site development, DEBT PAYMENTS , 8
691	691	AND CREDIT ENHANCEME NT for revitalization projects in an area designated as: 9
692	692
693	693	(i) a Sustainable Community; or 10
694	694
695	695	(ii) a qualified opportunity zone designated under § 1400Z–1 of the 11
696	696	Internal Revenue Code in Allegany County, Garrett County, Somerset County, or Wicomico 12
697	697	County. 13
698	698
699	699	(2) (i) For fiscal years 2017 through 2019, to be eligible for a grant or 14
700	700	loan from the Fund, a government agency or community development organization shall 15
701	701	provide evidence of a matching fund that is equal to $1 for every $4 in State funding that 16
702	702	the agency or organization is applying for from the Fund. 17
703	703
704	704	(ii) The matching fund required under subparagraph (i) of this 18
705	705	paragraph may include: 19
706	706
707	707	1. money from the federal government, local government, or 20
708	708	any other public or private source; 21
709	709
710	710	2. real property; 22
711	711
712	712	3. in–kind contributions; and 23
713	713
714	714	4. funds expended before the date the grant or loan is 24
715	715	awarded. 25
716	716
717	717	(3) For fiscal year 2020 and each fiscal year thereafter, to be eligible for a 26
718	718	grant or loan from the Fund, a government agency or community development organization 27
719	719	is not required to provide evidence of a matching fund. 28
720	720
721	721	(4) The Department shall award grants and loans from the Fund on a 29
722	722	competitive basis. 30
723	723
724	724	(h) (1) The State Treasurer shall invest the money of the Fund in the same 31 SENATE BILL 483 17
725	725
726	726
727	727	manner as other State money may be invested. 1
728	728
729	729	(2) Any interest earnings of the Fund shall be credited to the Fund. 2
730	730
731	731	(i) Expenditures from the Fund may be made only in accordance with the State 3
732	732	budget. 4
733	733
734	734	(j) (1) For fiscal year 2018, the Governor shall include in the annual budget 5
735	735	bill or capital budget bill an appropriation of $25,625,000 from general funds or the 6
736	736	proceeds from the sale of State general obligation bonds to the Fund, which shall be 7
737	737	allocated as follows: 8
738	738
739	739	(i) $22,125,000 for projects in Baltimore City; and 9
740	740
741	741	(ii) $3,500,000 for projects throughout the State. 10
742	742
743	743	(2) For fiscal year 2019, the Governor shall include in the annual budget 11
744	744	bill or capital budget bill an appropriation of $28,500,000 from general funds or the 12
745	745	proceeds from the sale of State general obligation bonds to the Fund, which shall be 13
746	746	allocated as follows: 14
747	747
748	748	(i) $25,000,000 for projects in Baltimore City; and 15
749	749
750	750	(ii) $3,500,000 for projects throughout the State. 16
751	751
752	752	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 17
753	753	1, 2024. 18