ROBERT L. EHRLICH, JR., Governor

Ch. 499

(3)     Any reduction in the principal obligation of or rate of interest payable
on a loan or portion of a loan;

(4)     Any prepayment of interest on a subordinate or superior loan or
portion of a loan;

(5)     Any assurance;

(6)     Any guarantee; or

(7)     Any other form of credit enhancement.

(k) "Landbanking" means the acquisition and holding of improved and
unimproved property in anticipation of future development of the property or to
ensure the future use of the property and improvements remain affordable.

(L) "LOCAL GOVERNMENT" MEANS ANY OF THE 23 COUNTIES OF THE STATE,
THE CITY OF BALTIMORE, A MUNICIPAL CORPORATION OF THE STATE SUBJECT TO
ARTICLE XI-E OF THE MARYLAND CONSTITUTION, OR ANY OF THEIR DULY
AUTHORIZED AGENCIES OR INSTRUMENTALITIES.

[(l)] (M) "Neighborhood intervention project" means a project sponsored by:

(1)     A community development financial institution to provide financial
assistance to individuals or business entities that are owner-occupants, community
development organizations, or local governments for the purpose of buying properties
that are in need of rehabilitation and are located in otherwise stable neighborhoods so
as to redevelop the properties through rehabilitation, demolition, reconstruction, or
re-use; [or]

(2)     A local government for the purpose of demolishing improvements on
property that are:

(i) Dangerous for use or occupancy;

(ii) So deteriorated that rehabilitation is not feasible; and

(iii) Located in otherwise stable neighborhoods; OR

(3)  A LOCAL GOVERNMENT FOR THE PURPOSE OF DEMOLISHING
IMPROVEMENTS ON PROPERTY TO PREPARE THE PROPERTY FOR REVITALIZATION,
REDEVELOPMENT, OR RE-USE AS PART OF A REDEVELOPMENT PLAN.

[(m)] (N) "Priority funding area" means an area designated as a priority
funding area under § 5-7B-02 of the State Finance and Procurement Article.

[(n)] (O) "Program" means the Community Legacy Program established by
this subtitle.

(P) "REDEVELOPMENT PLAN" MEANS A PLAN APPROVED BY THE BOARD FOR
THE REVITALIZATION, REDEVELOPMENT, OR RE-USE OF A PARCEL OR RELATED
PARCELS OF PROPERTY.

[(o)] (Q) "Sponsor" means:

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