All expenses must be reimbursable under the sources of financing proposed for the project. The following are eligible uses of loan funds:
architectural, engineering, or related professional services required in the preparation of construction or rehabilitation plans, drawings, or write-ups;
costs of processing and closing the financing for a project such as lender origination fees, credit reports, fees for title insurance, fees for recording and filing legal documents, attorney's fees, and appraisal fees;
costs of contracting with a consultant and in-house staff costs related to the planning, processing, or preparation of a project proposal. Costs must be documentable, directly related to a specific project, and tied to a recoverable source of funds at closing;
studies and analyses of housing needs related to a particular housing project, including market feasibility studies;
other activities necessary to finance, design, or plan a specific housing project for low- and moderate-income residents prior to the construction or rehabilitation of the project;
MS s 462A.06
15 SR 12; 29 SR 1479
June 11, 2008
Official Publication of the State of Minnesota
Revisor of Statutes