(a) In this subtitle the following words have the meanings indicated.
(b) “Application” means an application to the Secretary that includes a request to:
(1) designate an area as a sustainable community;
(2) approve a sustainable community plan; or
(3) approve a community legacy project.
(c) “Community development financial institution” has the meaning stated in 12 U.S.C. § 4702.
(d) “Community development organization” means an entity that meets the qualifications of § 6–203 of this subtitle.
(e) “Community legacy agreement” means an agreement between the Department and a sponsor to develop a sustainable community plan or to implement one or more community legacy projects in a designated sustainable community or an eligible opportunity zone.
(f) “Community legacy project” includes a project in a sustainable community or an eligible opportunity zone to:
(1) create, improve, or preserve housing opportunities by acquiring, constructing, rehabilitating, or improving new or existing residential properties;
(2) demolish buildings or improvements strategically to enhance the use of land;
(3) create, improve, or preserve commercial or mixed–use development, including an appropriate combination of properties related to business, housing, open–space, and institutional uses;
(4) develop public infrastructure that is incidental to the implementation of a community legacy project, such as streets, parking, public utilities, landscaping, lighting, and improvements to pedestrian and bicycle circulation;
(5) encourage and develop cooperative ownership or control of open space;
(6) develop or create strategies designed to increase investment in existing communities, including outreach activities to attract business, capital, residents, and visitors and the development and maintenance of resources directly related to the development of a sustainable community plan or the implementation of a community legacy project;
(7) engage in landbanking or otherwise acquire or improve vacant buildings or unimproved land;
(8) provide financial assistance for neighborhood intervention projects; or
(9) develop other plans or implement other projects as the Department considers necessary to further the purposes of this subtitle.
(g) “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.
(h) “Financial assistance” includes:
(1) a grant;
(2) a loan;
(3) a reduction in the principal obligation of or rate of interest payable on a loan or portion of a loan;
(4) a prepayment of interest on a subordinate or superior loan or portion of a loan;
(5) an assurance;
(6) a guarantee; and
(7) any other form of credit enhancement.
(i) “Landbanking” means acquiring or holding improved and unimproved property:
(1) in anticipation of future development of the property; or
(2) to keep the future use of the property and improvements affordable.
(j) “Priority funding area” means an area designated as a priority funding area under § 5–7B–02 of the State Finance and Procurement Article.
(k) “Program” means the Community Legacy Program established by this subtitle.
(l) “Sustainable Growth Subcabinet” means the subcabinet established under § 9–1406 of the State Government Article.
(m) “Sustainable community” means the part of a priority funding area that:
(1) as determined by the Sustainable Growth Subcabinet, satisfies the requirements of § 6–205 of this subtitle;
(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.
(n) “Sustainable community plan” means a plan consisting of one or more community legacy projects or other revitalization projects to prevent or reverse the decline of or disinvestment in a sustainable community through improvements in residential, commercial, or other public or private properties.