Regulation .05 Loan Application Evaluation and Approval.
Regulation .05 Loan Application Evaluation and Approval.LinkCopy Citation
A.
The Authority shall review and evaluate a completed loan application accepted under Regulation .04 of this chapter in accordance with selection criteria established by the Authority, which criteria may include:
(1)
The viability of the activity for which the loan is sought;
(2)
The applicant’s readiness to commence the activity and complete it within an established time frame;
(3)
The level of urgency of the applicant’s need for a loan to complete the activity;
(4)
The activity’s consistency with the goals of the management plan;
(5)
The extent to which the activity will have a positive impact on the certified heritage area;
(6)
The extent to which the activity, once completed, might serve as a model for other projects within certified heritage areas;
(7)
The applicant’s administrative capability, including the applicant’s capacity to manage the activity;
(8)
The applicant’s ability to repay the loan;
(9)
The availability of private or non-State funds for the activity; and
(10)
Such additional criteria as the Authority considers appropriate.
B.
Following review and evaluation under §A of this regulation, the Authority shall:
(1)
Either approve, approve with modification, or disapprove the loan;
(2)
If approved, determine a level of funding for the loan, which may be in an amount less than the amount applied for by the applicant; and
(3)
Notify the applicant in writing of the action taken by the Authority on the application.
C.
For a loan approved under §B of this regulation, the Authority may issue to the applicant a commitment letter for the loan that sets forth:
(1)
The amount of the loan;
(2)
Terms and conditions under which the loan will be made, which shall at a minimum include the terms and conditions set forth in Regulation .06 of this chapter; and
(3)
A time limit within which execution of loan documents shall occur before the Authority will withdraw its commitment, which time limit the Authority may extend at its sole discretion.
D.
A decision of the Authority to approve or disapprove a loan is not a contested case within the meaning of State Government Article, Title 10, Subtitle 2, Annotated Code of Maryland.
E.
Loan closing shall be scheduled at a time and place acceptable to the applicant, Authority staff, and the Office of the Attorney General.