To be eligible for selection as a recipient of a loan or grant under the program, the application must satisfy the requirements in items A to E.
The proposed residential housing must be exclusively for the use of low-income families and individuals.
All occupants of permanent housing financed under this part must be offered a written lease that:
The amount of the loan or grant requested must not exceed 50 percent of the total development cost of the proposed residential housing.
The application must include a comprehensive plan for the development and management of housing for low-income persons and document the ability of the applicant to develop and maintain that housing for a period of time specified by the agency. At a minimum, this plan must include:
a description of the applicants' goals and objectives in meeting the area's need for the type of housing;
a detailed budget for the development of the proposed housing showing all development costs and the sources of funds to pay them;
a detailed budget for the operation of the housing showing all anticipated operating costs and the proposed rents and other income;
documentation of the experience and fiscal responsibility and capability of the applicant or fiscal agent of the applicant in developing similar housing; and
where the applicant is providing transitional housing, documentation of an ability to provide support services to assist persons in moving into independent or appropriate supportive living situations.
Loan or grant funds may not be used for residential care facilities, for facilities that provide housing available for occupancy on less than a 24-hour continuous basis, or for any residential housing that requires occupants to accept board as well as lodging.
MS s 462A.06
17 SR 569
June 11, 2008
Official Publication of the State of Minnesota
Revisor of Statutes