To qualify as an eligible borrower under the program, an applicant shall:
- A. If a nonprofit organization, corporation, or partnership, be in good standing and qualified to do business in Maryland;
- B. Have the legal capacity and all necessary authorization to incur the obligations of the loan;
- C. Own the project or have a valid sales contract to purchase the project;
- D. Demonstrate credit worthiness and repayment ability acceptable to the Department; and
- E. Demonstrate the ability to complete the project.
Authority: Housing and Community Development Article, §4-2003(a)(5), Annotated Code of Maryland
Effective date: July 31, 2017 (44:15 Md. R. 759)