Maryland Statutes
Subtitle 2 - Maryland Housing Fund
Section 3-206 - Eligibility Standards for Insurance and Credit Enhancements

(a)    In offering insurance and other forms of credit enhancement, the Department shall adopt eligibility standards that are reasonable to aid in:
        (1)    financing the purchase, construction, or rehabilitation of:
            (i)    housing projects;
            (ii)    special housing facility projects, consisting of the acquisition, rehabilitation, improvement, renovation, construction, financing, or refinancing of a building that:
                1.    provides common, shared, or independent living, dining, kitchen, sanitary, and sleeping facilities;
                2.    may include supportive services or supervisory live–in personnel for individuals with specialized housing needs; and
                3.    may include nonresidential facilities to serve individuals with special needs who may or may not be residents of the special housing facility;
            (iii)    rehabilitation projects, as defined in § 4–901 of this article;
            (iv)    energy conservation projects;
            (v)    solar energy projects;
            (vi)    public purpose projects;
            (vii)    infrastructure projects; or
            (viii)    business projects; and
        (2)    the sale or other transfer of an obligation that is:
            (i)    denoted as a bond, note, collateralized obligation, grantor trust, conduit, or other form of security or obligation; and
            (ii)    backed directly or indirectly by a mortgage or a payment derived from a mortgage.
    (b)    The standards adopted under subsection (a) of this section shall ensure that a lender benefiting from insurance or other credit enhancement provided by the Department is responsible and able to service the loan.
    (c)    A determination by the Secretary is conclusive if it relates to the eligibility of a project, facility, or undertaking for:
        (1)    insurance or other credit enhancement; or
        (2)    other action taken by the Department, in its own name or in the name of the Fund, under this subtitle.