1. (a) To qualify for a short-term construction loan under § 4-804(2) of this subtitle, a developer or nonprofit sponsor shall:

   1. (1) provide construction costs, marketing data, and other information the Department requires; and
   2. (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.

2. (b) To qualify for a short-term loan under § 4-804(3) of this subtitle, a nonprofit sponsor:

   1. (1) shall provide:

      1. (i) information on the costs of the proposed undertaking;
      2. (ii) marketing data; and
      3. (iii) other information the Department requires; and

   2. (2) shall have:

      1. (i) a commitment from the Department for permanent financing for the sale of each residence built or rehabilitated with the short-term loan; or
      2. (ii) approval from the Department to rent the residence subject to a lease purchase agreement acceptable to the Department.

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.