Regulation .03 Eligible Borrowers.

To qualify as an eligible borrower under the program, an applicant shall:

If a nonprofit organization, corporation, or partnership, be in good standing and qualified to do business in Maryland;

Have the legal capacity and all necessary authorization to incur the obligations of the loan;

Own the project or have a valid sales contract to purchase the project;

Demonstrate credit worthiness and repayment ability acceptable to the Department; and

Demonstrate the ability to complete the project.