Minnesota Administrative Rules

4900.2702 ELIGIBLE APPLICANTS.

Subpart 1.

Property interest.

An applicant for a family rental housing program loan must, at the time of application, possess one of the following interests in the property:

A.

a fee title;

B.

a fee title subject to a mortgage or other lien securing a debt capable of prepayment or, at the option of the agency, subordination; or

C.

a mutually binding contract or option for the purchase of fee title.

Subp. 2.

Applicant eligibility.

To be eligible for selection as a recipient of a loan from a family rental housing program, an applicant must be:

A.

a Minnesota nonprofit entity as defined in part 4900.0010, subpart 21; including, but not limited to, a housing and redevelopment authority established under Minnesota Statutes, sections 469.001 to 469.047;

B.

a town or home rule charter or statutory city in Minnesota;

C.

a cooperative housing corporation as defined in part 4900.0010, subpart 8;

D.

a limited dividend entity as defined in part 4900.0010, subpart 14;

E.

a for profit entity to the extent authorized under Minnesota Statutes, section 462A.21, subdivision 8b.

Statutory Authority:

MS s 462A.06

History:

15 SR 12

Published Electronically:

June 11, 2008