(a)    In offering insurance and other forms of credit enhancement, the Department shall adopt eligibility standards that are reasonable to aid in:

(1)    financing the purchase, construction, or rehabilitation of:

(i)    housing projects;

(ii)    special housing facility projects, consisting of the acquisition, rehabilitation, improvement, renovation, construction, financing, or refinancing of a building that:

1.    provides common, shared, or independent living, dining, kitchen, sanitary, and sleeping facilities;

2.    may include supportive services or supervisory live–in personnel for individuals with specialized housing needs; and

3.    may include nonresidential facilities to serve individuals with special needs who may or may not be residents of the special housing facility;

(iii)    rehabilitation projects, as defined in § 4–901 of this article;

(iv)    energy conservation projects;

(v)    solar energy projects;

(vi)    public purpose projects;

(vii)    infrastructure projects; or

(viii)    business projects; and

(2)    the sale or other transfer of an obligation that is:

(i)    denoted as a bond, note, collateralized obligation, grantor trust, conduit, or other form of security or obligation; and

(ii)    backed directly or indirectly by a mortgage or a payment derived from a mortgage.

(b)    The standards adopted under subsection (a) of this section shall ensure that a lender benefiting from insurance or other credit enhancement provided by the Department is responsible and able to service the loan.

(c)    A determination by the Secretary is conclusive if it relates to the eligibility of a project, facility, or undertaking for:

(1)    insurance or other credit enhancement; or

(2)    other action taken by the Department, in its own name or in the name of the Fund, under this subtitle.