Md. Code Regs. 14.29.04.05

Current through Register Vol. 51, No. 26, December 27, 2024

Section 14.29.04.05 - Loan Application Evaluation and Approval

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 timeframe;

(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.

Md. Code Regs. 14.29.04.05

Amended effective 46:22 Md. R. 978, eff. 11/4/2019