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Current as of January 01, 2025 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Maryland Code, Housing and Community Development § 4-813 - last updated January 01, 2025 | https://codes.findlaw.com/md/housing-and-community-development/md-code-hous-and-cmty-dev-sect-4-813/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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