(a) In offering insurance and other forms of credit enhancement, the Department shall adopt eligibility standards that are reasonable to aid in:

(1) financing the purchase, construction, or rehabilitation of:

(i) housing projects;

(ii) special housing facility projects, consisting of the acquisition, rehabilitation, improvement, renovation, construction, financing, or refinancing of a building that:

1. provides common, shared, or independent living, dining, kitchen, sanitary, and sleeping facilities;

2. may include supportive services or supervisory live-in personnel for individuals with specialized housing needs; and

3. may include nonresidential facilities to serve individuals with special needs who may or may not be residents of the special housing facility;

(iii) rehabilitation projects, as defined in § 4-901 of this article;

(iv) energy conservation projects;

(v) solar energy projects;

(vi) public purpose projects;

(vii) infrastructure projects; or

(viii) business projects; and

(2) the sale or other transfer of an obligation that is:

(i) denoted as a bond, note, collateralized obligation, grantor trust, conduit, or other form of security or obligation; and

(ii) backed directly or indirectly by a mortgage or a payment derived from a mortgage.

(b) The standards adopted under subsection (a) of this section shall ensure that a lender benefiting from insurance or other credit enhancement provided by the Department is responsible and able to service the loan.

(c) A determination by the Secretary is conclusive if it relates to the eligibility of a project, facility, or undertaking for:

(1) insurance or other credit enhancement; or

(2) other action taken by the Department, in its own name or in the name of the Fund, under this subtitle.