Md. Code Regs. 05.05.09.10

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

Section 05.05.09.10 - Capital Assistance Documents

A. The Department shall provide the sponsor with copies of standard form capital assistance documents.

B. The capital assistance documents may include the following:

(1) A conditional financing agreement with conditions for repayment;

(2) A notice of the Department's right to repayment which shall be filed in the land records of the jurisdiction in which the project is located;

(3) A regulatory agreement, which is an agreement covering the administrative and occupancy requirements of the capital assistance;

(4) A disbursement agreement, which is an agreement setting forth the terms and conditions for the disbursement of capital assistance funds over the course of construction or rehabilitation of the project;

(5) Contractor's letter and certification, which is an agreement provided to the Department by the project's general contractor in which the general contractor agrees not to amend the construction or rehabilitation contract without the Department's consent and, in the event of default by the sponsor, to cooperate with the Department in the completion of the project;

(6) Assurance of compliance with equal employment, civil rights, fair housing, and drug-free workplace requirements, which is an agreement committing the sponsor to comply with State and federal provisions governing employment and housing in force in the State; and

(7) Other documents as may be required by the Department.

Md. Code Regs. 05.05.09.10

Regulations .10 amended effective October 5, 1998 (25:20 Md. R. 1527)