Md. Code Regs. 05.04.09.12

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

Section 05.04.09.12 - Loan Applications

A. Limitations.

(1) The Department may specify, from time to time, the type of applications it will consider, and may limit, during any period, the type of applications it will receive.

(2) Applications may be limited on the basis of:

(a) The type of sponsor or type of equity providing primary financing of the project;

(b) The amount of local governmental contributions;

(c) The number or proportion of eligible residents who will reside in the project;

(d) Areas of the State; or

(e) Other factors the Department considers relevant.

B. Procedure. The Department shall establish application and loan processing procedures that will facilitate the application and financing process. These procedures may be amended from time to time and shall be binding upon all applicants.

C. Forms. Applications shall be made upon standard forms prescribed by the Department.

D. Documentation. Applicants shall submit any documentation the Department requires including:

(1) A copy of the purchase contract, option, letter of intent, or other indication of ability to acquire property;

(2) For nonprofit organizations and qualified limited partnerships, executed and certified copies of organizational documents;

(3) For a nonprofit organization or qualified limited partnership, evidence acceptable to the Department of the nonprofit status of the entity, the members, or the general partners of the entity, as applicable;

(4) Financial statements or certified tax returns of the applicant for the preceding 3 years;

(5) Certified personal financial statement of individual applicants;

(6) For nonprofit organizations, a resolution from the appropriate governing body of the borrower, authorizing the loan application and signatories;

(7) For projects providing housing for four or more individuals, evidence of zoning compliance or submission of an application for zoning approval;

(8) Evidence of availability of other capital funds proposed for the acquisition or modification;

(9) Copies of contracts from governmental or other agencies for operating funds;

(10) A schedule of rates to be charged to residents;

(11) A list of other facilities owned or operated by the applicant including:

(a) Name of facility,

(b) Address,

(c) Number of residents/households served,

(d) Annual operating budget amount,

(e) Length of time owned/operated, and

(f) Mortgages secured by projects;

(12) A description of current or proposed residents showing:

(a) Names,

(b) Monthly payment,

(c) Household size, and

(d) Gross annual income;

(13) Photographs of the building and site;

(14) Preliminary plans and specifications, if available, or a contractor's proposal for any modifications to be funded by the loan;

(15) Sufficient information and documentation to determine the extent, if any, to which the project will change the type of use or increase the intensity of the existing use of the building or property;

(16) A list of credit references if requested by the Department; and

(17) Other documentation the Department may specifically request.

Md. Code Regs. 05.04.09.12

Regulations .12 adopted as an emergency provision effective February 23, 1987 (14:6 Md. R. 704); adopted permanently effective July 27, 1987 (14:15 Md. R. 1657)
Regulations .12 adopted effective May 25, 1992 (19:10 Md. R. 929)
Regulation .12D amended effective January 2, 1994 (20:25 Md. R. 1942); February 7, 2011 (38:3 Md. R. 151)