Section 4-1005 - Maximum grant amounts. - Maryland Statutes

§ 4-1005. Maximum grant amounts.
 

(a)  One-third of budget or $50,000.-  

(1) Each eligible neighborhood corporation may apply for a grant in an amount up to $50,000 that does not exceed one-third of its annual operating budget. 

(2) Each umbrella corporation may apply for a grant for each program under its supervision in an amount up to $50,000 that does not exceed one-third of the annual operating budget of the program. 

(b)  Pro rata reduction required.- If the amount requested by eligible applicants in a fiscal year exceeds the amount of the Fund, the Secretary shall reduce each grant pro rata so that the Fund amount appropriated for that fiscal year is not exceeded. 
 

[An. Code 1957, art. 83B, § 2-1303(a)(2), (b), (c); 2005, ch. 26, § 2.]