Maryland § 4-813

§ 4-813.

    (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.