§ 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.