Sec. 05.15.01.06. Eligible Projects

A. In order to be eligible for financial assistance, a project shall satisfy the following requirements:

(1) The project is located within the State;

(2) The project is located in a targeted area or in reasonable proximity to a targeted area;

(3) The project has a commitment of monies from private, local, federal, or other State funds so that upon receipt of financial assistance under the Program there will be adequate funding to assure completion of the project;

(4) The project will not be feasible but for the financial assistance from the Program and the financial assistance from the Program may not exceed:

(a) 50 percent of the project costs anticipated to be financed with private funds or public funds not appropriated by the State, or

(b) 60 percent of the project costs anticipated to be financed with private funds or public funds not appropriated by the State when funds from the federal Small Cities Community Development Block Grant Program for nonentitlement jurisdictions will be used to pay for a portion of project costs;

(5) The local jurisdiction in which the project is located has agreed to make a material and substantial contribution to the project contributed pursuant to the provisions of Regulation .07 of this chapter;

(6) The financial assistance requested is the least amount of money necessary to complete the project as determined by the Department;

(7) Financial assistance provided by the Program will not be used as a local jurisdiction's contribution to a project, nor shall the financial assistance be used as a local match for other State assistance programs;

(8) The projected operating income and expense statements for the project show income sufficient to repay on schedule any loans authorized or guaranteed by the Program;

(9) The project will not facilitate the relocation of industrial plants or commercial facilities from one area within the State to another;

(10) Upon completion, the project will be in compliance with all applicable zoning requirements and standards as well as the applicable building code of the local jurisdiction in which the project is located.

B. Projects funded in whole or in part with monies from the Administration also shall constitute a community development project or public purpose project as defined in Housing and Community Development Article, Title 4, Subtitle 2, Annotated Code of Maryland, as amended.