(a) A project qualifies as a solar energy project if it: (1) is an addition, alteration, or improvement to a residential building or a commercial building; and (2) is designed to reduce the energy requirements of the building by using: (i) wind energy; (ii) energy from a wood-burning appliance; or (iii) solar energy of: 1. the active type based on mechanically forced energy transfer; 2. the passive type based on convective, conductive, or radiant energy transfer; or 3. a combination of these types. (b) A solar energy project may include: (1) a solar process heat device; (2) a solar electric device; and (3) an earth-sheltered building in which the sheltering substantially reduces the consumption of energy by the building. (c) A solar energy project may not include a fireplace, unless the fireplace is an integral part of a system designed to use passive solar energy. §4-223. IN EFFECT (a) A project qualifies as a business project if the project is: (1) located in: (i) an area designated as a priority funding area under § 5- 7B-02 of the State Finance and Procurement Article; or (ii) a qualified opportunity zone designated under § 1400Z-1 of the Internal Revenue Code in Allegany County, Baltimore City, Baltimore County, Charles County, Garrett County, Howard County, Montgomery County, Prince George's County, Somerset County, or Wicomico County; and (2) (i) acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by a person or an entity for the purposes of carrying on a business whether or not for profit; or (ii) eligible for funding from the Neighborhood Business Development Fund under § 6-310 of this article. (b) Repayment of principal and interest for a business project may be secured by: (1) real property; (2) personal property; (3) bank accounts; (4) certificates of deposit, stocks, and bonds; (5) credit enhancement, assurance, or guaranty; or (6) any other collateral acceptable to the Administration. (c) Financial assistance for a business project may be provided as: (1) a loan; (2) a reduction in the principal obligation of or interest rate on a loan or portion of a loan; (3) a prepayment of interest on a subordinate or superior loan or portion of a loan; (4) an assurance; (5) a guarantee or other form of credit enhancement; or (6) a promissory note that may be converted to an equity ownership interest and liquidated at the earliest opportunity to realize the highest market value for the Administration. §4-223. ** TAKES EFFECT JULY 1, 2026 PER CHAPTER 380 OF 2022 ** (a) A project qualifies as a business project if the project is: (1) located in: (i) an area designated as a priority funding area under § 5- 7B-02 of the State Finance and Procurement Article; or (ii) a qualified opportunity zone designated under § 1400Z-1 of the Internal Revenue Code in Allegany County, Baltimore City, Baltimore County, Charles County, Garrett County, Howard County, Montgomery County, Prince George's County, Somerset County, or Wicomico County; and (2) (i) acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by a person or an entity for the purposes of carrying on a business whether or not for profit; or (ii) eligible for funding from the Neighborhood Business Development Fund under § 6-310 of this article. (b) Repayment of principal and interest for a business project may be secured by: (1) real property; (2) personal property; (3) bank accounts; (4) certificates of deposit, stocks, and bonds; (5) credit enhancement, assurance, or guaranty; or (6) any other collateral acceptable to the Administration. (c) Financial assistance for a business project may be provided as: (1) a loan; (2) a reduction in the principal obligation of or interest rate on a loan or portion of a loan; (3) a prepayment of interest on a subordinate or superior loan or portion of a loan; (4) an assurance; or (5) a guarantee or other form of credit enhancement.
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