A receiver is eligible for a loan under the receivership revolving loan fund if the receiver meets the prequalification requirements for the specific project under this part and presents a certified copy of a court order in an action under Minnesota Statutes, section 504B.425 or 504B.385. The order must state that the prequalified receiver has been appointed to act in the case and must contain a finding that the appointment of a receiver with the power to collect funds is consistent with the statutory factors relating to the long-term economic viability of the dwelling as provided in Minnesota Statutes, section 504B.445.
In the property subject to the order, at least 50 percent of the occupied rental units must be occupied by persons and families of low and moderate income as defined in part 4900.0010, subpart 23, item H.
A person or entity seeking prequalification status under this part must submit an application on a form prescribed by the agency. The agency shall review the application applying the standards in parts 4900.2901 to 4900.2907 and shall promptly notify the applicant of a decision on the application. Prequalification approval shall be for a maximum of two years. A rejection of the application must set forth the reasons for the denial. The applicant may qualify for any one or more of the following categories:
For an applicant to qualify as a receiver, the applicant must:
have at least two years experience or demonstrated proficiency in residential property management;
be able to obtain a fidelity and forgery bond or insurance coverage in an amount at least equal to two months' gross potential income of the property;
have a history of managing properties according to applicable federal, state, and local laws, statutes, ordinances, rules, and regulations;
have experience or demonstrated proficiency in managing properties which have undergone significant repairs and improvements.
MS s 462A.06
15 SR 376; L 1999 c 199 art 2 s 35
June 11, 2008
Official Publication of the State of Minnesota
Revisor of Statutes