Md. Code, Housing and Community Development § 9-102
This is the official text of Md. Code, Housing and Community Development § 9-102, part of Maryland’s Code, Housing and Community Development — governs housing programs and community development.
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§9–102.
Official statutory text
(a) The General Assembly finds that:
(1) some communities and neighborhoods in the State are in economic and social distress because of a shortage of significant private investment;
(2) financial institutions in the State are recognizing a heightened responsibility to provide financial assistance to these communities and neighborhoods; and
(3) federal and State regulators are requiring more community reinvestment by these financial institutions.
(b) The General Assembly therefore finds that the public interest is served by promoting the development of a financial vehicle to be operated by private financial institutions to:
(1) increase community reinvestment to neighborhoods and communities in the State that have urgent need for reinvestment;
(2) make community reinvestment by financial institutions easier and more desirable by spreading the financial risk and offering the experience of the State in providing community reinvestment lending; and
(3) forge partnerships among financial institutions and the State in meeting community reinvestment goals.
(1) some communities and neighborhoods in the State are in economic and social distress because of a shortage of significant private investment;
(2) financial institutions in the State are recognizing a heightened responsibility to provide financial assistance to these communities and neighborhoods; and
(3) federal and State regulators are requiring more community reinvestment by these financial institutions.
(b) The General Assembly therefore finds that the public interest is served by promoting the development of a financial vehicle to be operated by private financial institutions to:
(1) increase community reinvestment to neighborhoods and communities in the State that have urgent need for reinvestment;
(2) make community reinvestment by financial institutions easier and more desirable by spreading the financial risk and offering the experience of the State in providing community reinvestment lending; and
(3) forge partnerships among financial institutions and the State in meeting community reinvestment goals.
Status: in_force · Read it on the official government site
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