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