General. The Fund may provide forward insurance commitments for permanent loans financing single family properties located in projects based upon a master appraisal for the project. The Fund may limit the number of single family units it will insure in any one project or subdivision. The Fund may require that approval of a project for a forward insurance commitment be obtained from the Fund if the Fund is expected to insure more than five mortgage loans in the project. Instead of providing a forward insurance commitment, the Fund may provide mortgage insurance certificates on a case-by-case or spot loan basis in a project based upon individual property appraisals at the time of application for permanent financing, if: The project involves diverse model types, pricing, staging, or phasing; The project is a scattered-site project; or Other circumstances are considered by the Fund to be appropriate for case-by-case consideration. New Construction Projects. Projects of newly constructed residences which are to be constructed or are less than 1 year old may be considered for a forward commitment of mortgage insurance. Types of new construction projects eligible for forward reservations are: Stick-built housing; Manufactured housing; and Modular or panelized housing. Rehabilitation Projects. Projects involving rehabilitation are eligible for approval of insurance for permanent financing if: The proposed rehabilitation will correct all code violations and bring the property to a standard acceptable to the Maryland Housing Fund and the Department; The structures to be rehabilitated are unoccupied at the time of commitment, except in cases of: Occupancy by tenants who are to become homeowners, or Adoption of a relocation plan acceptable to the Maryland Housing Fund and the Department; Except in cases of tenant conversion to homeownership, the buildings to be rehabilitated are owned or to be owned by the developer. Project Application Process. Approval of a project for a forward insurance commitment shall be initiated by submission of an application on forms prescribed by the Maryland Housing Fund by a Fund-approved lender in conjunction with the developer of the project. Applications shall contain all information, documents, and items that the Maryland Housing Fund requires, including: Subdivision and site plans; Appraisals satisfactory to the Maryland Housing Fund; Condominium or homeowners association documents, as applicable; Plans and specifications for each model type to be built by the developer; Local government resolution of approval; Warranty certification; Opinion of counsel for the developer; Current and valid FNMA 1027c or FNMA 1028; Minimum property standard certificate; and Other information and documentation as may be required by the Maryland Housing Fund. The lender or developer shall submit and satisfy all requirements of the application process. Factors which the Maryland Housing Fund may consider in approving a project include, but are not limited to: Cost, unit size, type of building, quality of construction, energy efficiency, and location of the project; Geographic distribution of all projects for which the Fund mortgage insurance has been made available; Regional demand and initial marketability of the product within its locale along with resale and distressed sale values; The number and amount of mortgages requested to be insured; The incomes of the households to be served; and The Maryland Housing Fund's prior experience with the developer and lender.