Section 4-813 - Eligibility for Loan -- Short-Term Construction Loans

(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.