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4900.3710 ALLOCATION AND AVAILABILITY OF FUNDS.

Subpart 1.

Permitted activities.

The agency may use funds from the housing trust fund program to fund the following activities:

A.

capital financing;

B.

operating subsidies for unique costs and revenue shortfall; and

C.

rental assistance.

The agency shall issue an application guide prior to each round of funding under the housing trust fund program.

Subp. 2.

Allocation of funds among activities.

Each biennium, the agency shall determine how the funds will be allocated among the activities permitted under the housing trust fund program. The agency shall take into consideration the following factors when determining the allocation of funds among the activities:

A.

past allocation of agency resources among activities;

B.

market conditions such as vacancy rates, rent levels, utilization of Section 8 vouchers, and Section 8 waiting lists;

C.

unanticipated events such as natural disasters;

D.

other agency resources that are available to meet the need for housing trust fund program activities; and

E.

other nonagency resources that are available to meet the need for housing trust fund program activities.

The agency shall review the allocation of funds between capital financing, operating subsidy, and rental assistance activities periodically and no less frequently than during each super request for proposals round. The agency may make adjustments to this allocation based on the factors listed in items A to E, the number of applications received in each funding round, and the quality of applications received in each funding round.

Subp. 3.

Availability of funds.

The agency shall accept applications for housing trust fund program funding in every super request for proposals round in which funding is available. The agency may set aside funds and accept applications for housing trust fund program funding outside the super request for proposals rounds under the following circumstances:

A.

unanticipated changes in market conditions such as vacancy rates, rent levels, utilization of Section 8 vouchers, and Section 8 waiting lists;

B.

unanticipated events such as natural disasters;

C.

changes in nonagency resources that are available to meet the need for housing trust fund program activities;

D.

to fund applications requiring immediate repairs, or where committed financing or unique housing opportunities would be lost if consideration were delayed; and

E.

to modify existing awards and contracts of previously selected proposals according to policies established by agency board members, and in a manner not detrimental to a project's financing.

Statutory Authority:

MS s 462A.06

History:

26 SR 1511; 29 SR 1479

Published Electronically:

June 11, 2008