# COMAR Title 05 — Department of Housing and Community Development

## Subtitle 06 — Housing Insurance

### Chapter 02 — Tax Credit Bridge Loan Insurance

#### Regulation .06 Term of Insurance.

*COMAR 05.06.02.06*

A. The Fund may insure a bridge loan having a term longer than the term of the Fund's insurance, but the insurance shall expire on the first to occur of the date which is:

  (1) One month after the date on which the investor makes the final payment of all scheduled capital contributions to the borrower; or

  (2) Five years after closing of the bridge loan.

B. Insurance of the bridge loan shall terminate on the first to occur of:

  (1) A change in the terms and conditions of the bridge loan without the prior written approval of the Fund;

  (2) Five business days following the date on which the investor has made the final payment of all scheduled capital contributions to the borrower;

  (3) Thirty business days after the maturity date of the bridge loan, unless extended with the prior written approval of the Fund;

  (4) Repayment in full of the bridge loan;

  (5) Payment in full of any claim; or

  (6) Expiration of the term of the insurance.