Maryland Constitution Article XI-G - City of Baltimore - Residential Rehabilitation & Commercial Financing Loans
Here is a summary of Article XI-G of the Maryland Constitution:
Maryland Constitution – Article XI-G: City of Baltimore – Residential Rehabilitation and Commercial Financing Loans
Purpose:
This article authorizes the Mayor and City Council of Baltimore to borrow money and issue bonds specifically for:
Residential property rehabilitation
Commercial financing loans
Key Provisions:
Loan Authorization:
The City of Baltimore is empowered to issue bonds to finance:
Loans for rehabilitating residential buildings
Loans to commercial and industrial organizations for economic development
Voter Approval:
Any bond issuance must be approved by voters of Baltimore City in a referendum.
Loan Programs:
The City can establish programs to provide financial assistance for the rehabilitation and improvement of:
Residential properties (especially in blighted or declining areas)
Commercial and industrial properties
Implementation:
The City must pass ordinances to govern the terms and conditions of the loans, including repayment and eligibility.
These programs aim to stimulate investment and revitalize neighborhoods.
Summary:
Article XI-G gives legal and constitutional authority to the City of Baltimore to issue bonds and make loans for urban renewal, focusing on housing rehabilitation and economic development through support for businesses—with required voter approval.
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