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Statutes Text

Article - Housing and Community Development




§6–606.

    (a)    There is a Community Development Fund.

    (b)    The purpose of the Fund is to provide financial assistance for community development projects and community development organizations around the State.

    (c)    The Department shall administer the Fund with the assistance of the Board.

    (d)    (1)    The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

        (2)    The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

    (e)    The Fund consists of:

        (1)    money appropriated in the State budget to the Fund; and

        (2)    any other money from any other source accepted for the benefit of the Fund.

    (f)    The Fund may be used only for:

        (1)    administrative expenses of the Department in administering the Program; and

        (2)    financial assistance for community development projects and community development organizations as provided under § 6–607 of this subtitle.

    (g)    (1)    The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

        (2)    Any interest earnings of the Fund shall be credited to the General Fund of the State.

    (h)    Expenditures from the Fund may be made only in accordance with the State budget.

    (i)    Money expended from the Fund for the Program is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for the Program.