# COMAR Title 05 — Department of Housing and Community Development

## Subtitle 06 — Housing Insurance

### Chapter 02 — Tax Credit Bridge Loan Insurance

#### Regulation .09 Assurance of Completion.

*COMAR 05.06.02.09*

Completion of construction of the project shall be assured by provision of either:

A. Performance and payment bonds, each in an amount equal to 100 percent of the construction contract amount;

B. Two irrevocable letters of credit equal to 25 percent, or cash or a pledge of depository accounts equal to 50 percent, of the construction contract amount; or

C. Other assurances of equivalent value.