Maryland Statutes
Subtitle 8 - Maryland Home Financing Program
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.

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