Minn. R. agency 148, ch. 4900, AFFORDABLE RENTAL INVESTMENT FUND PROGRAM, pt. 4900.3648

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

Part 4900.3648 - SELECTION STANDARDS

Subpart 1.Generally.

To be considered for funding under the challenge program, applicants must comply with the requirements in Minnesota Statutes, section 462A.33, parts 4900.3640 to 4900.3646, and satisfy the threshold criteria in this part.

Subp. 2.Overall project feasibility.

The agency shall consider the following factors in determining whether an applicant has demonstrated overall project feasibility:

A. the nature of the proposed site;

B. whether the proposed housing is needed in the market that is intended to be served, based upon the population, job growth, and low housing vacancy rates; and

C. whether costs of developing the housing are reasonable and the housing is economically viable.

Subp. 3.Organizational capacity.

The agency shall consider the following factors in determining whether an applicant has demonstrated sufficient organizational capacity:

A. the applicant's purpose and mission;

B. the applicant's related housing experience;

C. whether the applicant has successfully completed similar projects or is partnering with other organizations that have successfully completed similar projects; and

D. whether the applicant has the strong current and expected ongoing capacity to complete the proposed housing as well as other proposals being developed by the organization and the expected ongoing capacity to maintain the rental housing long term.

Subp. 4.Other considerations.

For proposals for housing for homeless or households at risk of becoming homeless persons, the agency shall consider whether the application is consistent with priorities stated in the applicable continuum of care plan.

Minn. R. agency 148, ch. 4900, AFFORDABLE RENTAL INVESTMENT FUND PROGRAM, pt. 4900.3648

26 SR 1510; 29 SR 1479

Statutory Authority: MS s 462A.06