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§ 4-813. Eligibility for loan -- Short-term construction loans

MD House & Comm Dev Code § 4-813 (2019) (N/A)
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(a)    To qualify for a short-term construction loan under § 4-804(2) of this subtitle, a developer or nonprofit sponsor shall:

(1)    provide construction costs, marketing data, and other information the Department requires; and

(2)    have a commitment from the Department under § 4-815(j) of this subtitle for permanent financing for the sale of each residence to be built or rehabilitated with the short-term construction loan.

(b)    To qualify for a short-term loan under § 4-804(3) of this subtitle, a nonprofit sponsor:

(1)    shall provide:

(i)    information on the costs of the proposed undertaking;

(ii)    marketing data; and

(iii)    other information the Department requires; and

(2)    shall have:

(i)    a commitment from the Department for permanent financing for the sale of each residence built or rehabilitated with the short-term loan; or

(ii)    approval from the Department to rent the residence subject to a lease purchase agreement acceptable to the Department.

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