(a) To qualify for a short-term construction loan under § 4-804(2) of this subtitle, a developer or nonprofit sponsor shall:
(1) provide construction costs, marketing data, and other information the Department requires; and
(2) have a commitment from the Department under § 4-815(j) of this subtitle for permanent financing for the sale of each residence to be built or rehabilitated with the short-term construction loan.
(b) To qualify for a short-term loan under § 4-804(3) of this subtitle, a nonprofit sponsor:
(1) shall provide:
(i) information on the costs of the proposed undertaking;
(ii) marketing data; and
(iii) other information the Department requires; and
(2) shall have:
(i) a commitment from the Department for permanent financing for the sale of each residence built or rehabilitated with the short-term loan; or
(ii) approval from the Department to rent the residence subject to a lease purchase agreement acceptable to the Department.