An instrumentality of the State, the Maryland Community Investment Corporation is a body politic and corporate.
The Corporation is required to do all things necessary to qualify as a qualified community development entity; apply to the U.S. Department of the Treasury to be designated as a qualified community development entity; and apply to the U.S. Department of the Treasury for an allocation of new markets tax credits. Moreover, the Corporation is to receive, make, and facilitate qualified equity investments and financial assistance available in Maryland's low–income communities; allocate any new markets tax credits received by the Corporation; and coordinate with other qualified community development entities in Maryland to help ensure that low–income communities are receiving the maximum benefit of qualified equity investments in the State. Further, the Corporation will make investments and financial assistance available to Maryland's low–income communities from the Corporation’s money or from any other source; build a long–term financial capacity and sustained investment in low–income communities in the State; coordinate and create pathways to follow–on financing in Maryland; and foster inclusive and diverse entrepreneurship and innovation throughout the State, which may include initiatives to raise awareness of programs to assist low–income communities (Code Economic Development Article, secs. 10-1101 through 10-1123).
Governing the Corporation is the Board of Directors, which consists of seven members. Of these, two are appointed to four-year terms by the Governor with Senate advice and consent; and five serve ex officio. The Board chooses the Chair (Code Economic Development Article, sec. 10-1105).
Authorization was given to the Corporation by the General Assembly to form an advisory committee and an investment committee (Code Economic Development Article, secs. 10-1108, 10-1109).
When advising on investments made in low–income communities, the Advisory Committee prioritizes projects owned or operated by entities that have their principal place of business in Maryland.
AUDIT & FINANCE COMMITTEE
The Audit and Finance Committee was formed by the Corporation in October 2024 (Code Economic Development Article, sec. 10-1109).
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e-mail: mdmanual@maryland.gov
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