Md. Code Regs. 05.17.01.03

Current through Register Vol. 51, No. 26, December 27, 2024

Section 05.17.01.03 - Minimum Eligibility Requirements

A. A Sponsor, or a Sponsor's designated third party, shall meet the following minimum requirements:

(1) Be a local government, a group of local governments, a CDO, or a CDFI, except as provided in Regulation .05(C)(2) of this chapter with respect to Neighborhood Intervention Projects;

(2) Not have defaulted on any prior financial assistance from the Department;

(3) Not be currently barred or suspended from any of the Department's programs;

(4) Have the legal capacity and all necessary legal authority to incur the obligations involved in the form of financial assistance provided under the Program;

(5) In the case of CDOs or other business entities, be in good standing and qualified to do business in Maryland; and

(6) In the case of CDFIs, be certified in compliance with 12 U.S.C. § 4702.

B. Any recipient of financial assistance from a Sponsor as permitted under Regulation .04C of this chapter shall satisfy the minimum requirements of §A(2)-(5) of this regulation.

Md. Code Regs. 05.17.01.03

Regulation .03A amended effective March 22, 2010 (37:6 Md. R. 476)
Regulations .03 adopted effective February 20, 2012 (39:3 Md. R. 258)