Minnesota Administrative Rules
Agency 148 - Housing Finance Agency
Chapter 4900 - HOUSING LOANS AND GRANTS
NEIGHBORHOOD LAND TRUST PROGRAM
Part 4900.3432 - ELIGIBILITY
Universal Citation: MN Rules 4900.3432
Current through Register Vol. 48, No. 39, March 25, 2024
Subpart 1. Eligible applicants.
Only a city may be an eligible applicant.
Subp. 2. Eligible uses of financial assistance.
A city may use the proceeds of the financial assistance for capital costs identified in the application.
Subp. 3. Eligible applications.
The application for financial assistance shall, at a minimum, contain:
A. evidence that the
applicant is an eligible applicant;
B. a comprehensive plan for the use of the
financial assistance, including:
(1)
documentation of the need for the type of proposed activity, including
information on the extent to which persons and families of low and moderate
income will benefit;
(2) a detailed
description of all other financial resources available to the applicant to
complete the activity, including those from other public or private sources;
and
(3) a timetable for the
completion of the proposed activity;
C. documentation of the applicant's ability
to complete and maintain the property in accordance with its funded use for the
period of time identified in the application;
D. documentation sufficient to establish that
the cost and quality of the proposed activity is reasonable;
E. evidence of the intended use of a ground
lease which meets the requirements of Minnesota Statutes, section
462A.31;
and
F. if the applicant intends to
contract with an eligible nonprofit organization to develop or manage the
property, a copy of the contract and evidence of the nonprofit organization's
abilities and capacities to fulfill program requirements.
Statutory Authority: MS s 462A.06
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