Minn. R. agency 148, ch. 4900, AFFORDABLE RENTAL INVESTMENT FUND PROGRAM, pt. 4900.3550

Current through Register Vol. 49, No. 20, November 12, 2024

Part 4900.3550 - SELECTION CRITERIA

The agency shall use the criteria in this part to determine whether an applicant will get a loan from the affordable rental investment fund program:

A. the need, documented by the applicant, for the development in the proposed geographic area;

B. the ability and capacity of the applicant to proceed expeditiously with the development;

C. the applicant's prior experience in developing, owning, and operating similar development;

D. the cost-reasonableness and quality of the development;

E. the geographic distribution of loan funds, to the extent that loan funds can be used to assist developments throughout the state;

F. the relationship of the proposed development to public facilities, sources of employment, and services, including public transportation, health, education, and recreation facilities;

G. the extent to which other programs are available to assist the development;

H. the extent to which the loan funds are combined with other sources of funding to make the development economically feasible and rents affordable for low-income families and individuals;

I. the extent to which existing units of rental housing are available to low-income households; and

J. the extent to which the development encourages or maintains economic integration.

Minn. R. agency 148, ch. 4900, AFFORDABLE RENTAL INVESTMENT FUND PROGRAM, pt. 4900.3550

19 SR 1150

Statutory Authority: MS s 462A.06