Md. Code Regs. 05.05.01.23

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

Section 05.05.01.23 - Reservation and Commitment

A. All projects approved by the Secretary shall be issued a reservation letter by the Department. The reservation letter shall include basic proposed loan terms, a list of all additional information to be submitted for further review, and a processing schedule setting forth dates for the submission and review of all requested information and documentation.

B. Upon satisfaction of all requirements in the reservation letter and the Secretary's determination, if any, or as otherwise required by the program, the program shall issue a commitment letter setting forth the terms and conditions of the loan, including:

(1) The interest rate on the loan, the repayment provisions, and any other terms and conditions the Department considers appropriate for the loan or the project;

(2) A time limit within which the sponsor shall accept the terms and conditions of the commitment by executing the commitment; and

(3) The dates by which all pre-closing information and documentation shall be submitted.

Md. Code Regs. 05.05.01.23

Regulations .23 adopted effective March 4, 1991 (18:4 Md. R. 446)
Regulations .23 Rental Multifamily Rental Financing Program adopted effective March 13, 2006 (33:5 Md. R. 518)