Minnesota Administrative Rules

4900.1250 SELECTION CRITERIA FOR COOPERATIVE OR RENTAL MULTIFAMILY HOUSING INNOVATIVE LOANS.

In determining whether or not to approve applications for cooperative or rental multifamily housing innovative loans, the agency shall examine the following facts:

A.

the extent to which the project will provide housing to persons and families whose income is 50 percent or less of the statewide median family income, as estimated by the United States Department of Housing and Urban Development;

B.

the extent to which the project will provide long-term affordability to persons and families of low and moderate income;

C.

the extent to which the resident association has control over the operation and management of the housing and over the filling of housing vacancies;

D.

the geographic location of the proposed project within Minnesota, taking into account other projects theretofore approved for cooperative or rental multifamily housing innovative loans;

E.

the period of time required to complete the project;

F.

the amount and term of the requested cooperative or rental multifamily housing innovative loan, as compared to the total resources of the agency available for these loans; and

G.

whether the applicable regional development commission has determined that the project is consistent with regional plans and policies.

Statutory Authority:

MS s 462A.06

History:

9 SR 296

Published Electronically:

June 11, 2008