Article - Housing and Community Development
(a) In this subtitle the following words have the meanings indicated.
(b) (1) “Development costs” means the costs incurred to develop, redevelop, or expand a neighborhood business development project.
(2) “Development costs” includes the costs of:
(i) necessary studies, surveys, plans, and specifications;
(ii) architectural, engineering, or other special services, including flood plain studies, environmental audits, and critical area or wetland assessments;
(iii) land and improvements;
(iv) site preparation;
(v) construction, reconstruction, and rehabilitation;
(vi) machinery, equipment, and furnishings;
(vii) essential operating costs, including working capital and occupancy expenses;
(viii) indemnity and surety bonds and premiums on insurance;
(ix) temporary relocation expenses; and
(x) other costs determined to be acceptable by the Department.
(c) “Eligible opportunity zone” means an area designated as a qualified opportunity zone under § 1400Z–1 of the Internal Revenue Code that is located in Allegany County, Garrett County, Somerset County, or Wicomico County.
(d) “Food desert” means the part of a priority funding area or an eligible opportunity zone designated by the Secretary under § 6–308(c) of this subtitle.
(e) “Fund” means the Neighborhood Business Development Fund.
(f) “Microenterprise” means a business that qualifies as a microenterprise under § 6–302 of this subtitle.
(g) “Priority funding area” means an area designated as a priority funding area under § 5–7B–02 of the State Finance and Procurement Article.
(h) “Program” means the Neighborhood Business Development Program.
(i) (1) “Project” means a neighborhood business development project that receives financial assistance from the Fund.
(2) “Project” includes a microenterprise project that receives financial assistance from the Fund.
(j) “Small business” means a business that qualifies as a small business under § 6–302 of this subtitle.
(k) “Sustainable community” means the part of a priority funding area that:
(1) as determined by the Smart Growth Subcabinet, satisfies the requirements of § 6–205 of this title;
(2) has been designated as a BRAC Revitalization and Incentive Zone under Title 5, Subtitle 13 of the Economic Development Article; or
(3) has been designated a transit–oriented development under § 7–101 of the Transportation Article.