4900 HOUSING LOANS AND GRANTS

4900.1120 [Repealed, 24 SR 1332] Published Electronically: June 11, 2008

4900.1130 [Repealed, 24 SR 1332] Published Electronically: June 11, 2008

4900.1140 [Repealed, 24 SR 1332] Published Electronically: June 11, 2008

4900.1150 [Repealed, 24 SR 1332] Published Electronically: June 11, 2008

4900.1160 [Repealed, 24 SR 1332] Published Electronically: June 11, 2008

4900.1170 [Repealed, 24 SR 1332] Published Electronically: June 11, 2008

4900.1180 [Repealed, 24 SR 1332] Published Electronically: June 11, 2008

4900.1200 APPLICATIONS FOR INNOVATIVE HOUSING LOANS. To be eligible to be selected for an innovative housing loan, to be made from the fund established pursuant to Minnesota Statutes, sections 462A.05, subdivision 18, and 462A.21, subdivision 9, each applicant must satisfy the fo…

4900.1210 SELECTION CRITERIA FOR INNOVATIVE HOUSING LOANS. In determining whether or not to accept applications from nonprofit or for-profit entities for innovative housing loans, the members shall examine the following facts and make their determinations thereon: A. the extent t…

4900.1220 DEFINITIONS. Subpart 1. Scope. For the purposes of parts 4900.1220 to 4900.1260, the following terms have the meanings given them. Subp. 2. Applicant. "Applicant" means one or more persons or entities that apply for a cooperative or rental multifamily housing innovative…

4900.1230 ELIGIBILITY REQUIREMENTS. Subpart 1. For applicants. To be eligible for selection for a cooperative or rental multifamily housing innovative loan, an applicant shall satisfy the following requirements: A. The applicant shall be either a cooperative housing corporation o…

4900.1240 OTHER REQUIREMENTS. Subpart 1. Unavailability of financing. At the time of application for a cooperative or rental multifamily housing innovative loan, conventional financing for the purpose for which the loan is requested must not be available from private lenders upon…

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 …

4900.1260 PROJECT FEASIBILITY LOANS. The agency may consider applications for a cooperative or rental multifamily housing innovative loan, the funds from which are to be used to determine the feasibility of a project. These applications need not comply with the requirements in pa…

4900.1300 SCOPE. Parts 4900.1300 to 4900.1390 govern the homeownership assistance fund. Statutory Authority: MS s 462A.06 History: 14 SR 2632 Published Electronically: June 11, 2008

4900.1310 [Repealed, 14 SR 2632] Published Electronically: June 11, 2008

4900.1315 DEFINITIONS. Subpart 1. Scope. The terms used in parts 4900.1300 to 4900.1390 have the meanings given them in this part. Subp. 2. Agency. "Agency" means the Minnesota Housing Finance Agency. Subp. 2a. At-risk home buyer. "At-risk home buyer" means an individual or famil…

4900.1320 [Repealed, 14 SR 2632] Published Electronically: June 11, 2008

4900.1330 [Repealed, 14 SR 2632] Published Electronically: June 11, 2008

4900.1331 HOMEOWNERSHIP ASSISTANCE FUND. Subpart 1. Purpose of program. The homeownership assistance fund is established to assist persons and families of low and moderate income as specified in part 4900.1345, subpart 2, in the purchase of affordable housing according to parts 4…

4900.1340 [Repealed, 14 SR 2632] Published Electronically: June 11, 2008

4900.1345 RECIPIENTS HOMEOWNERSHIP ASSISTANCE FUND. Subpart 1. [Repealed, 20 SR 2252(NO. 42)] Subp. 2. Income limits. The total unadjusted household income of recipients of homeownership assistance fund money must not exceed 115 percent of state or area median income as determine…

4900.1350 [Repealed, 14 SR 2632] Published Electronically: June 11, 2008

4900.1359 ELIGIBLE PROPERTY. To qualify as an eligible property, the property being purchased with the assistance of a homeownership assistance fund loan must be a newly constructed or existing single-family residential dwelling located within the state. At the time the property …

4900.1360 [Repealed, 14 SR 2632] Published Electronically: June 11, 2008

4900.1361 [Repealed, 14 SR 2632] Published Electronically: June 11, 2008

4900.1362 [Repealed, 14 SR 2632] Published Electronically: June 11, 2008

4900.1375 USE OF HOMEOWNERSHIP ASSISTANCE FUND. Subpart 1. Scope. The homeownership assistance fund may be used for the purposes specified in this part and within the limitations specified. Subp. 2. Monthly assistance. The agency may provide recipients with interest-free monthly …

4900.1390 LIMITS ON HOMEOWNERSHIP ASSISTANCE. The agency may further limit the amount of homeownership assistance fund money provided under part 4900.1375, subparts 2 to 8, to provide that recipients do not receive assistance beyond the amount necessary to make homeownership affo…

4900.1400 DEFECTS COVERED BY WARRANTY CLAIM PROGRAM. The agency may make payments to correct defects in construction or rehabilitation of residential housing financed by agency mortgage loans for limited-unit developments or home improvement loans, if the defects: A. result in ac…

4900.1410 ELIGIBLE RECIPIENTS FOR WARRANTY CLAIM PAYMENTS. Subpart 1. Requirements. To qualify for a payment the applicant must satisfy the following requirements. Subp. 2. Person or family of low or moderate income. The applicant must be a person or family of low or moderate inc…

4900.1420 ELIGIBLE APPLICATIONS; REHABILITATION. An application for agency payment under parts 4900.1400 to 4900.1440 which is based upon rehabilitation financed by an agency home improvement loan must demonstrate that the defects: A. if caused by faulty construction or defective…

4900.1430 ELIGIBLE APPLICATIONS; LIMITED-UNIT MORTGAGE LOANS. An application for agency payment under parts 4900.1400 to 4900.1440 which is based upon new construction financed by an agency mortgage loan for a limited-unit development must show that the defects: A. if caused by f…

4900.1440 EXCLUSIONS. Agency payments under parts 4900.1400 to 4900.1440 will not extend to the following: A. loss caused by defects in design, installation, or materials which the loan recipient or subsequent purchaser supplied, installed, or had installed under his/her directio…

4900.1500 SCOPE OF RULES. The rules provided in parts 4900.1500 to 4900.1586 shall govern the implementation of the urban Indian housing loan program established in Minnesota Statutes, section 462A.07, subdivision 15. Statutory Authority: MS s 462A.06 History: 12 SR 2215 Publishe…

4900.1510 DEFINITION OF ADMINISTRATOR. "Administrator" means a nonprofit entity or local community as defined by part 4900.0010 or Indian tribal organization eligible pursuant to parts 4900.0900 to 4900.1080 which carries out a loan program of housing for low- and moderate-income…

4900.1520 THE URBAN INDIAN HOUSING LOAN PROGRAM. The urban Indian housing loan program provides loans for housing for American Indian persons and families residing in urban areas of the state. The program is implemented in whole or in part directly by the agency or through admini…

4900.1530 [Repealed, 13 SR 932] Published Electronically: June 11, 2008

4900.1531 [Repealed, 13 SR 932] Published Electronically: June 11, 2008

4900.1532 [Repealed, 13 SR 932] Published Electronically: June 11, 2008

4900.1533 [Repealed, 13 SR 932] Published Electronically: June 11, 2008

4900.1540 RECIPIENTS OF LOANS. Each program must provide for loans for the construction, purchase, or rehabilitation of residential housing. Except as otherwise provided herein and by part 4900.0340, each person or family initially occupying a dwelling unit financed pursuant to t…

4900.1550 [Repealed, 13 SR 932] Published Electronically: June 11, 2008

4900.1560 [Repealed, 13 SR 932] Published Electronically: June 11, 2008

4900.1570 [Repealed, 13 SR 932] Published Electronically: June 11, 2008

4900.1572 HOMEOWNERSHIP MORTGAGE PARTICIPATION COMPONENT. The agency may arrange to leverage urban Indian housing loan program funds, interest free, with other funds from the agency or another private or public source in order to reduce the interest rate on individual mortgage lo…

4900.1574 LOW AND MODERATE INCOME UNDER URBAN INDIAN HOUSING LOAN PROGRAM. For the purpose of the urban Indian housing loan program, "persons and families of low and moderate income" means recipients or beneficiaries of a mortgage loan whose income does not exceed 80 percent of t…