ROBERT L. EHRLICH, JR., Governor                             Ch. 499

(2) The Board may not award more than $500,000 in financial assistance
for a neighborhood intervention project.

(c)     To receive financial assistance for a neighborhood intervention project
described in § [4-801(l)(1)] 4-801(M)(1) of this subtitle, the sponsor shall agree to use
the financial assistance, and any repayments and prepayments, primarily to make
loans for the purpose set forth in § [4-801(l)(1)] 4-801(M)(1) of this subtitle.

(d)     To receive financial assistance for a neighborhood intervention project
described in § [4-801(l)(2)] 4-801(M)(2) of this subtitle, the sponsor shall agree to
repay the financial assistance to the Community Legacy Financial Assistance Fund,
up to the amount received by the sponsor from:

(1)     The net proceeds of the sale of the property on which the demolition
took place; or

(2)     Any payment to the sponsor RELATING TO THE PROPERTY,
INCLUDING PAYMENTS, ANY PAYMENT for the costs incurred in demolishing the
improvements on the property.

(E) TO RECEIVE FINANCIAL ASSISTANCE FOR A NEIGHBORHOOD
INTERVENTION PROJECT DESCRIBED IN § 4-801(M)(3) OF THIS SUBTITLE, THE
SPONSOR MUST PROVIDE EVIDENCE, AT THE TIME OF APPLICATION, THAT THE
SPONSOR:

(1)      HAS A LEGAL INTEREST IN THE PROPERTY THROUGH:

(I)      OWNERSHIP OF THE PROPERTY;

(II)     A CONTRACT, OPTION, OR OTHER LEGAL RIGHT TO ACQUIRE
THE PROPERTY; OR

(III)   THE RIGHT TO DEMOLISH THE IMPROVEMENTS ON THE
PROPERTY;

(2)      INTENDS THAT THE PROPERTY BE REVITALIZED, REDEVELOPED, OR
RE-USED AS PART OF A REDEVELOPMENT PLAN FOR THE PROPERTY;

(3)     HAS COMPLIED WITH THE REQUIREMENTS OF §§ 5-617 THROUGH
5-619 OF THIS ARTICLE AND § 13-1112(B) OF THE FINANCIAL INSTITUTIONS ARTICLE;

(4)      WILL CONTRIBUTE AN AMOUNT AT LEAST EQUAL TO THE FINANCIAL
ASSISTANCE FROM THE PROGRAM TOWARDS THE DEMOLITION OF THE
IMPROVEMENTS ON THE PROPERTY;

(5)      AGREES TO REPAY THE FINANCIAL ASSISTANCE TO THE
COMMUNITY LEGACY FINANCIAL ASSISTANCE FUND, UP TO THE AMOUNT RECEIVED
BY THE SPONSOR FROM:

(I) THE NET PROCEEDS OF THE SALE OF THE PROPERTY; OR

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