§ 1921 Qualifications for Downtown Development District Grants.
(a) Subject to the limitations set forth in this subchapter, any qualified district investor making a qualified real property investment in a district shall be entitled to a grant in an amount up to 20% of the qualified real property investments made by such qualified district investor in excess of the minimum qualified investment threshold.
(b) For purposes of this chapter:
(1) "DDD Grant" or "grant" shall mean a Downtown Development District Grant as set forth in subsection (a) of this section hereunder.
(2) "Facility" means a complex of buildings, co-located at a single physical location within a district, all of which are necessary to facilitate the conduct of the same residential, trade, or business use. This definition applies to new construction as well as to the rehabilitation and expansion of existing structures.
(3) "Minimum qualified investment threshold" means the minimum level of qualified real property investments required to be made by a qualified district investor in a building or facility in order to qualify for a DDD Grant, as determined by DSHA. Notwithstanding the foregoing, for the fiscal year ending June 30, 2015, the minimum qualified investment threshold shall be $25,000 with respect to a single residential or mixed-use building or a facility. No more often than once per year, DSHA may amend the minimum qualified investment threshold with respect to uses (residential, commercial, industrial, etc.), types of projects (rehabilitation, new construction, etc.), or other criteria determined by DSHA to be necessary or convenient to accomplish the purposes of this chapter.
(4) "Qualified district investor" means an owner or tenant of real property located within a district who expands, rehabilitates or constructs such real property for residential, commercial, industrial or mixed use. In the case of a tenant, the amounts of qualified real property investment specified in this section shall relate to the proportion of the building or facility for which the tenant holds a valid lease. In the case of an owner of an individual unit within a "common interest community," as such term is defined in § 81-103 of Title 25, the amounts of qualified real property investments specified in this chapter shall relate to that proportion of the building for which the owner holds title and not to common elements.
(5) "Qualified real property investment" means the amount in excess of the minimum qualified investment threshold that is properly chargeable to a capital account for improvements to rehabilitate, expand or construct depreciable real property placed in service during the calendar year within a district. Specific inclusions and exclusions from the definition of "qualified real property investments" shall be determined by DSHA, but such definition shall generally include expenditures associated with:
a. Any exterior, interior, structural, mechanical or electrical improvements necessary to construct, expand or rehabilitate a building or facility for residential, commercial, industrial, or mixed use;
c. Grading and paving;
d. Installing driveways;
e. Landscaping or land improvements; and
Notwithstanding the foregoing, no investment in the rehabilitation, expansion, or construction of any building or facility in a district shall be a qualified real property investment unless it is performed in accordance with the district plan.
§ 1922 Limitations and conditions.
(a) The availability of Downtown Development District Grants in any given year shall be subject to appropriation by the General Assembly.
(b) In addition to its other powers and responsibilities hereunder, DSHA is expressly authorized to establish such other limitations and conditions with respect to grants as may be necessary or convenient to accomplish the purposes of this chapter, including but not limited to:
(1) Amending the minimum qualified investment threshold;
(2) Establishing caps or limits on DDD Grants available to any qualified district investor, alone or in combination with other local, state, or federal incentives for any individual building or facility (including but not limited to state historic preservation tax credits pursuant to Chapter 18 of Title 30);
(3) Establishing additional qualifying criteria with respect to uses (residential, commercial, industrial, etc.) or types of projects (rehabilitation, new construction, etc.);
(4) Incentivizing particular types of uses or projects in 1 or more districts; and
(5) Establishing such other limitations and conditions in 1 or more districts as DSHA shall determine from time to time.
(c) DSHA may establish or amend the foregoing limitations and conditions no more often than once per year.
§ 1923 Policies and procedures for allocation of Downtown Development District Grants.
(a) Qualified district investors shall be eligible to receive DDD Grant provided for in this chapter to the extent that they apply for and are approved for grant allocations through DSHA.
(b) The accuracy and validity of information on qualified real property investments shall be subject to verification procedures in accordance with rules promulgated by DSHA on forms supplied by DSHA and in accordance with dates specified by DSHA.
§ 1924 Administration.
(a) DSHA shall have the primary responsibility for administering the DDD Grant program. In connection therewith, DHSA's powers and duties shall include but not be limited to the following:
(1) Adopting such rules and procedures as may be necessary or desirable to effectuate the provisions of this chapter;
(2) Administering, enforcing, and interpreting such rules and procedures;
(3) Allocating grant funds in accordance with the provisions of this chapter; and
(4) Monitoring the implementation and operation of this subchapter.
(b) Beginning no later than December 31, 2015, DSHA shall issue an annual report to the Governor and the General Assembly evaluating the effectiveness of the grant program established hereunder.
(c) DSHA may delegate to, and receive assistance from, other entities including the Office, the Division of Small Business, Development and Tourism, and other state agencies in carrying out its responsibilities hereunder.