Minnesota Administrative Rules

4900.3644 ELIGIBLE USES OF FUNDS.

Subpart 1.

Generally.

The agency shall award loans or grants under the challenge program for the purposes specified in Minnesota Statutes, section 462A.33, subdivision 1.

Subp. 2.

Permitted uses.

Challenge program funds may be used for the following purposes:

A.

acquisition of land or existing structures;

B.

construction of housing;

C.

rehabilitation of housing;

D.

conversion to housing from another use;

E.

demolition or removal of existing structures according to Minnesota Statutes, section 462A.33, subdivision 1, paragraph (c);

F.

provision of interim financing for owner-occupied housing;

G.

provision of construction financing for rental housing;

H.

provision of permanent financing;

I.

reduction of interest rates for owner-occupied housing;

J.

refinancing of existing loans; or

K.

provision of financing to fill a funding gap, as provided in Minnesota Statutes, section 462A.33, subdivision 1, paragraph (a).

Statutory Authority:

MS s 462A.06

History:

26 SR 1510

Published Electronically:

June 11, 2008