Md. Code Regs. 05.03.08.03

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.03.08.03 - Eligible Borrowers

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.

Md. Code Regs. 05.03.08.03

Regulation .03 adopted effective 44:15 Md. R. 759, eff. 7/31/2017