4900 HOUSING LOANS AND GRANTS

4900.3646 HOUSING REQUIREMENTS. Subpart 1. Requirements for owner-occupied housing. To be eligible for challenge program funds, owner-occupied housing must be: A. attached or detached, residential in nature, and able to be used profitably for a minimum of ten years after the end …

4900.3648 SELECTION STANDARDS. Subpart 1. Generally. To be considered for funding under the challenge program, applicants must comply with the requirements in Minnesota Statutes, section 462A.33, parts 4900.3640 to 4900.3646, and satisfy the threshold criteria in this part. Subp.…

4900.3650 FUNDING PRIORITY. The agency shall give priority in awarding loans or grants under the challenge program to those proposals that best address the greatest number of the following priorities: A. the extent to which the proposal includes contributions that comply with Min…

4900.3652 MANAGEMENT AND OPERATION. Subpart 1. Generally. Applicants that are awarded challenge program funds for proposals that include rental housing shall comply with the management and operation requirements in this part. Subp. 2. Rent increases. All rent increases must be ap…

4900.3700 SCOPE. Parts 4900.3700 to 4900.3769 govern the implementation of the housing trust fund program authorized by Minnesota Statutes, section 462A.201. Statutory Authority: MS s 462A.06 History: 26 SR 1511 Published Electronically: June 11, 2008

4900.3705 DEFINITIONS. Subpart 1. Scope. The terms used in parts 4900.3700 to 4900.3769 have the meanings given them in this part. Subp. 2. Administrator. "Administrator" means an entity that has applied for and has been awarded funds from the housing trust fund program for renta…

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 assis…

4900.3720 CAPITAL FUNDING. The agency shall provide construction and permanent financing for rental housing from the housing trust fund program in the form of a deferred loan. The agency shall provide housing trust fund program funds in the form of a grant if: A. the applicant pr…

4900.3721 LOANS. Subpart 1. Loan type and term. The agency shall award housing trust fund program loans in the form of a deferred loan unless an amortizing loan is requested by the borrower and deemed financially feasible by the agency. The agency will base its determination of f…

4900.3722 GRANTS. Subpart 1. Term. The term of housing trust fund program grants is 30 years from the date of the grant award; however, the agency may adjust the grant term based on requirements and conditions of other funding sources related to the grant term or the existence of…

4900.3723 REPAYMENT PROCESSING FEE. The agency shall charge borrowers a repayment processing fee when a housing trust fund program loan or grant is repaid in full, as provided in the loan or grant agreement between the borrower or grant recipient and the agency. The amount of the…

4900.3724 SALE OF HOUSING OR ASSUMPTION OF LOAN. The agency shall approve the sale of rental housing financed, or the assumption of a loan or grant made, under this part if the entity purchasing the rental housing or assuming the loan satisfies the eligibility requirements of par…

4900.3725 ELIGIBLE APPLICANTS. To be eligible to apply for capital funding under the housing trust fund program, an applicant must be: A. a nonprofit organization, as defined in Minnesota Statutes, section 462A.03, subdivision 22; B. a for-profit organization; C. a limited divide…

4900.3726 ELIGIBLE APPLICATIONS. The applicant shall provide an application in the form prescribed by the agency. The application for capital funding must include: A. a description of the applicants' goals and objectives in meeting the area's need for the type of housing proposed…

4900.3727 ELIGIBLE USES OF FUNDS. To be eligible for capital funding under the housing trust fund program, rental housing must satisfy the following requirements. A. The proposed housing development must consist of living accommodations for persons and families. Nursing homes, bo…

4900.3728 HOUSING-RELATED SPACE. The proposed housing development may include housing-related space such as community, administrative, or program space. The agency shall consider the following factors when determining the amount of housing-related space that will be funded: A. th…

4900.3729 SELECTION STANDARDS. Subpart 1. Generally. To be considered for capital funding under the housing trust fund program, applicants must comply with the requirements in Minnesota Statutes, section 462A.201, parts 4900.3725 to 4900.3728, and satisfy the threshold criteria i…

4900.3730 FUNDING PRIORITIES. Among proposals that satisfy the selection standards in part 4900.3729, the agency shall give priority in awarding loans or grants for capital funding under the housing trust fund program to those proposals that best address the greatest number of th…

4900.3731 MANAGEMENT AND OPERATION. Subpart 1. Generally. Applicants that are awarded housing trust fund program funds must comply with the management and operations requirements in this part. Subp. 2. Rent increases. All rent increases must be approved by the agency and must com…

4900.3740 OPERATING SUBSIDY. The agency may provide an operating subsidy from the housing trust fund program for rental housing for which the agency has provided capital funding. The operating subsidy is available in two forms: (1) operating subsidy-unique costs, for those costs …

4900.3741 ELIGIBLE APPLICANTS. To be eligible to apply for an operating subsidy under the housing trust fund program, an applicant must be: A. the owner of a housing development that is funded with a loan or a grant from the agency; or B. an applicant for a loan or grant from the…

4900.3742 ELIGIBLE APPLICATIONS. The applicant shall provide an application in the form prescribed by the agency. The application for an operating subsidy must include: A. for existing housing developments, the most recent budget for the operation of the housing development showi…

4900.3743 ELIGIBLE USES OF FUNDS. Subpart 1. Generally. At least 75 percent of funds in the housing trust fund program must be used for the benefit of persons and families whose gross incomes, at the time of the initial occupancy, do not exceed 30 percent of the median family inc…

4900.3744 SELECTION STANDARDS. To be considered for operating subsidy funding under the housing trust fund program, applicants must comply with the requirements in Minnesota Statutes, section 462A.201, parts 4900.3741 to 4900.3743, and satisfy the threshold criteria in this part.…

4900.3745 FUNDING PRIORITIES. Among proposals that satisfy the selection standards in part 4900.3744, the agency shall give priority in awarding operating subsidies under the housing trust fund program to those proposals that best address the greatest number of the following prio…

4900.3746 ADMINISTRATION OF OPERATING SUBSIDY. Subpart 1. Unique costs. A. The agency shall provide operating subsidy-unique costs to the owner of the benefited housing development according to the agreement between the owner and the agency governing the use of the operating subs…

4900.3760 RENTAL ASSISTANCE. The agency may provide rental assistance to an administrator from the housing trust fund program. The agency shall award all forms of rental assistance in the form of a grant. Rental assistance from the housing trust fund program is intended to be tem…

4900.3761 ELIGIBLE APPLICANTS. To be eligible to apply for rental assistance funding under the housing trust fund program, an applicant must be: A. a nonprofit organization, as defined in Minnesota Statutes, section 462A.03, subdivision 22; B. a for-profit organization; C. a limi…

4900.3762 ELIGIBLE APPLICATIONS. The applicant shall provide an application in the form prescribed by the agency. The application must include: A. a description of the population to be served and its need for rental assistance; B. a description of the applicant's service area and…

4900.3763 ELIGIBLE USES OF FUNDS. A. Funds from the housing trust fund program may be used to provide tenant-based rental assistance, sponsor-based rental assistance, or project-based rental assistance and to pay security deposits, damage claims or fees, application fees, vacancy…

4900.3764 ELIGIBLE TENANTS. Eligible tenants are persons or families whose gross incomes, at the time of initial occupancy, do not exceed 60 percent of median income as determined by HUD for the metropolitan area. This median income may be adjusted for family size for families wi…

4900.3765 SELECTION STANDARDS. To be considered for rental assistance funding under the housing trust fund program, applicants must comply with the requirements in Minnesota Statutes, section 462A.201 and parts 4900.3761 to 4900.3764, and satisfy the threshold criteria in this pa…

4900.3766 FUNDING PRIORITIES. Among proposals that satisfy the selection standards in part 4900.3765, the agency shall give priority in awarding rental assistance funding under the housing trust fund program to those proposals that best address the greatest number of the followin…

4900.3767 ADMINISTRATION OF TENANT-BASED AND SPONSOR-BASED RENTAL ASSISTANCE. Subpart 1. Amount of assistance. There is no minimum amount of rental subsidy that an administrator must provide to each tenant. The maximum amount of rental subsidy provided to each tenant will be no g…

4900.3768 ADMINISTRATION OF PROJECT-BASED RENTAL ASSISTANCE. Subpart 1. Amount of assistance. There is no minimum amount of rental subsidy that an administrator must provide to each tenant. The maximum amount of rental subsidy provided to each tenant will be no greater than the d…

4900.3769 EXTENSION OF FUNDING FOR RENTAL ASSISTANCE. A. The agency shall review the performance of administrators on an annual basis. Administrators may, at that annual review, apply for an extension of rental assistance funding. B. The agency shall consider the following factor…