Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 06 - HOUSING INSURANCE
Chapter 05.06.01 - Maryland Housing Fund-Multifamily Program
Section 05.06.01.07 - Eligible Borrowers
Current through Register Vol. 51, No. 6, March 22, 2024
A limited partnership, corporation, or public agency may qualify as an eligible borrower if, in the determination of the Fund, it:
A. Owns, at the closing of the loan, the property in fee simple or controls the property under a leasehold interest under a ground lease satisfactory to the Fund having a term not shorter than the term of the insured loan plus 25 years;
B. Has all necessary legal and corporate authority to incur the obligations of the insured loan;
C. Is in good standing and qualified to do business in Maryland;
D. Can establish to the satisfaction of the Fund the:
E. Has a general credit standing and an overall financial position acceptable to the Fund after a review of the borrower's:
F. Is not under an order suspending or debarring it from participating in the Department's programs under COMAR 05.01.05, or under any similar order from any other State agency, nor has the Department declined to grant eligibility to an otherwise qualified borrower because the borrower is suspended or debarred from participating in the programs of any federal agency; and
G. Agrees and certifies that it shall comply with all applicable federal, State, and local laws and Departmental policies and programs regarding discrimination and equal opportunity in employment, housing and credit practices, and drug-free and alcohol-free workplaces, including: