Md. Code Regs. 05.05.05.05

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

Section 05.05.05.05 - Eligible Borrowers-Private Sector Entities

A. If a project is owned by a private sector entity, the entity shall meet the following requirements to qualify for capital assistance:

(1) Be in good standing and qualified to do business in Maryland;

(2) Have the legal capacity and all necessary legal authorizations to incur the obligations of the capital assistance;

(3) At the time the assistance is provided, not be debarred or suspended by the Department under COMAR 05.01.05;

(4) Demonstrate:

(a) Financial credibility and stability;

(b) The capability of achieving successful completion of the project; and

(c) The ability to manage the project; and

(5) Agree in writing to rent all partnership units to households of lower income that include one or more individuals with disabilities or special needs.

B. Private sector entities that intend to sell a project to a local government or local government entity under Regulation .09 of this chapter shall:

(1) Meet the requirements of §A(1)-(4) of this regulation; and

(2) Have a binding contract to sell the housing financed by the capital assistance to the local government.

Md. Code Regs. 05.05.05.05

Regulations .05 adopted as an emergency provision effective December 13, 1988 (15:27 Md. R. 3116); emergency status extended at 16:10 Md. R. 1101; emergency status expired July 24, 1989; adopted permanently effective August 7, 1989 (16:15 Md. R. 1650)
Regulations .05 adopted effective November 11, 1991 (18:22 Md. R. 2393)
Regulations .05 adopted effective December 15, 2008 (35:25 Md. R. 2150)
Regulations .05 amended effective 41:25 Md. R. 1476, eff.12/22/2014