Minnesota Administrative Rules
Agency 148 - Housing Finance Agency
Chapter 4900 - HOUSING LOANS AND GRANTS
AFFORDABLE RENTAL INVESTMENT FUND PROGRAM
Part 4900.3510 - DEFINITIONS
Current through Register Vol. 48, No. 39, March 25, 2024
Subpart 1. Application.
The definitions in this part apply in parts 4900.3500 to 4900.3550.
Subp. 2. Agency.
"Agency" means the Minnesota Housing Finance Agency created by Minnesota Statutes, chapter 462A.
Subp. 3. Affordable rental housing.
"Affordable rental housing" means a development that includes at least four assisted units.
Subp. 4. Affordable rental investment fund program.
"Affordable rental investment fund program" means a loan program authorized by Minnesota Statutes, section 462A.21, subdivision 8b, to acquire, rehabilitate, or newly construct affordable rental housing.
Subp. 5. Area median income.
"Area median income" means the greater of the county median income or the Minnesota nonmetropolitan median income as each is provided annually to the agency by a notice from the United States Department of Housing and Urban Development.
Subp. 6. Assisted unit.
"Assisted unit" means a unit of rental housing affordable to low-income households, as provided in part 4900.3540, in a development for which a loan has been made from the affordable rental investment fund program.
Subp. 7. Development.
"Development" means the affordable rental housing to be acquired, rehabilitated, or newly constructed by the applicant as described in the application.
Statutory Authority: MS s 462A.06