Minnesota Administrative Rules
Agency 148 - Housing Finance Agency
Chapter 4900 - HOUSING LOANS AND GRANTS
COOPERATIVE OR RENTAL MULTIFAMILY HOUSING INNOVATIVE LOANS
Part 4900.1230 - ELIGIBILITY REQUIREMENTS
Universal Citation: MN Rules 4900.1230
Current through Register Vol. 48, No. 39, March 25, 2024
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 or a limited dividend
entity.
B. The applicant shall
demonstrate the ability to organize and complete the project.
C. The applicant shall demonstrate that it
has, or will have, the ability to repay the cooperative or rental multifamily
housing innovative loan, and to obtain other financing, if needed, at the
expiration of the loan.
D. The
applicant shall have developed a training and education program for the
residents of the project, and shall include a copy of the program with its
application for a loan. The training and education program must include, at a
minimum:
(1) details of how the resident
association will be organized and operated;
(2) what the legal rights of the residents
and the association are, and how the residents will be advised of these
rights;
(3) what the financial
interests and obligations of the individual residents and the association are,
and how the residents will be advised of such obligations; and
(4) how the project will be managed and
maintained.
Subp. 2. For projects.
To be eligible for selection for a cooperative or rental multifamily housing innovative loan, a project must satisfy the following requirements:
A. The project must be
located in Minnesota.
B. The
project must be in the form of a cooperative or rental multifamily housing
development, which is either owned and operated on a nonprofit cooperative
basis by the residents or owned by a limited dividend entity and operated by a
residents' association.
C. The
operation and management of the project must be substantially under the control
of a democratic residents' association, which shall include the filling of
housing unit vacancies.
Statutory Authority: MS s 462A.06
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