§ 4-813
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§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.