§ 9-102
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/md/housing-and-community-development/9-102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–102.
(a)The General Assembly finds that:
(1)some communities and neighborhoods in the State are in economic and social distress because of a shortage of significant private investment;
(2)financial institutions in the State are recognizing a heightened responsibility to provide financial assistance to these communities and neighborhoods; and
(3)federal and State regulators are requiring more community reinvestment by these financial institutions.
(b)The General Assembly therefore finds that the public interest is served by promoting the development of a financial vehicle to be operated by private financial institutions to:
(1)increase community reinvestment to neighborhoods and communities in the State that have urgent need for reinvestment;
(2)make community reinvestment by financial institutions easier and more desirable by spreading the financial risk and offering the experience of the State in providing community reinvestment lending; and
(3)forge partnerships among financial institutions and the State in meeting community reinvestment goals.