Current through September 9, 2024
(a) The Commissioner may solicit and/or accept applications from nonprofit corporations for financial assistance.
(b) Nonprofit corporations may be required to pay a processing fee.
(c) As part of the application and approval process for the Land Bank Program, the nonprofit corporation shall be required to furnish the following:
(1) An explanation and description of the current housing development activity of the nonprofit corporation which is unrelated to this program which would require them to bank the land; and
(2) Identification of how the land is presently zoned.
(d) As part of the application and approval process for the Land Trust Program, the nonprofit corporation shall be required to furnish the following:
(1) Evidence that the land is properly zoned for the proposed use;
(2) Identification of any governmental or private housing finance programs to be utilized for construction or rehabilitation of housing and evidence that financial assistance has been sought from those agencies; and
(3) Identification of any proposed lessees of the land or lessees or buyers of the buildings or improvements or a marketing plan.
(e) As part of the application and approval process for the Land Bank and Land Trust Program, the nonprofit corporation shall be required to furnish the following:
(1) Evidence of housing need and marketability;
(2) Identification of the land or interests in land to be acquired, including a legal description of the land;
(3) An appraisal of the value of the land or interest in land, buildings, and improvements;
(4) Financial information on the projected cost of acquiring the property;
(5) A description of the nonprofit corporation's proposed use of the land, buildings and improvements;
(6) Certification as to whether the proposed project will complete a partially constructed housing development as defined in Section 8-214d-4(q) of this regulation.
(f) The Commissioner may, from time to time, require additional information from the nonprofit corporation.
