Minn. R. agency 148, ch. 4900, CAPACITY BUILDING REVOLVING LOAN PROGRAM, pt. 4900.1929

Current through Register Vol. 49, No. 25, December 16, 2024

Part 4900.1929 - ELIGIBLE USES OF LOAN FUNDS

All expenses must be reimbursable under the sources of financing proposed for the project. The following are eligible uses of loan funds:

A. architectural, engineering, or related professional services required in the preparation of construction or rehabilitation plans, drawings, or write-ups;

B. costs of processing and closing the financing for a project such as lender origination fees, credit reports, fees for title insurance, fees for recording and filing legal documents, attorney's fees, and appraisal fees;

C. costs of contracting with a consultant and in-house staff costs related to the planning, processing, or preparation of a project proposal. Costs must be documentable, directly related to a specific project, and tied to a recoverable source of funds at closing;

D. studies and analyses of housing needs related to a particular housing project, including market feasibility studies;

E. earnest money or option deposits on land and buildings;

F. other activities necessary to finance, design, or plan a specific housing project for low- and moderate-income residents prior to the construction or rehabilitation of the project;

G. development costs including acquiring land or buildings; and

H. other activities permitted by statute.

Minn. R. agency 148, ch. 4900, CAPACITY BUILDING REVOLVING LOAN PROGRAM, pt. 4900.1929

15 SR 12; 29 SR 1479

Statutory Authority: MS s 462A.06