There is established as a nonlapsing fund the Streetscape Loan Relief Fund (“Fund”), which shall be used solely to make loans in accordance with subsection (c) of this section. The Fund shall be funded by annual appropriations; provided, that for fiscal year 2011, the amount deposited in the Fund shall be $723,000. All funds received from repayments of loans shall be deposited into the Fund. All funds deposited into the Fund, and any interest earned on those funds, shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time, but shall be continually available for the uses and purposes set forth in subsection (c) of this section without regard to fiscal year limitation, subject to authorization by Congress. If the District undertakes a streetscape construction or rehabilitation project, the Mayor, in his or her sole discretion, may make interest-free loans from the Fund to any individual or entity that operates a retail business inside or adjoining the streetscape construction or rehabilitation project. To obtain a loan, a retail business shall submit a loan application in the form and with the information that the Mayor shall require. The Mayor shall determine the terms and conditions of each loan based upon the loan application submitted by the retail business; provided, that the term of a loan pursuant to this section shall not exceed 5 years after the termination of the streetscape construction or rehabilitation project. The Mayor, pursuant to subchapter I of Chapter 5 of Title 2 [ § 2-501 et seq.], may issue rules to implement the provisions of this section.
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