Section 4-813 - Eligibility for loan - Short-term construction loans. - Maryland Statutes

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

(a)  Developer or nonprofit sponsor.- 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)  Nonprofit sponsor.- 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. 
 

[An. Code 1957, art. 83B, § 2-609; 2005, ch. 26, § 2.]