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Sample peer Policy for Ramsey Review <br />1. Income Requirements: Income restrictions will be established according using HUD <br />area median income (AMI) guidelines for the Minneapolis/St. Paul metropolitan statistical <br />area (see appendix A) as follows: <br />a) Rental projects - Occupants must be at or below 60% AMI <br />b) Homeownership assistance - Buyers must be at or below 60%AMI <br />2. Rent Requirements: Rents are based upon the most current HUD AMI rent schedule <br />(e.g. HOME Limits) for 65 percent, less applicable utility allowance (see Appendix A). <br />A housing development applying for GROW funds which receives a public or non-profit subsidy, <br />tax credits or other assistance under a state or federal may contain market rate units, insofar, as <br />permissible under those Funds. However, GROW funds may not be used to support market <br />rate units. <br />Section VI - Funding Priorities <br />The funding priorities of the GROW Fund may vary from time to time depending upon current <br />economic and housing market trends. Listed below are the specific types of projects that may <br />be considered for GROW funding. All projects shall meet the affordability requirements listed in <br />Section V above. <br />1. New construction of affordable rental units <br />2. Rehabilitation of existing affordable rental units <br />3. Preservation of existing affordable rental units <br />4. Conversion of market rate rental units into affordable rental units <br />5. Affordable Homeownership <br />6. Redevelopment projects designated by a municipality <br />Section VII - Eligible Activities / Costs <br />GROW Funds can be used for the following activities on either rental or homeownership <br />projects: <br />1. Land acquisition <br />2. New Construction <br />3. Rehabilitation <br />4. Architectural & Engineering <br />5. Environmental Remediation <br />6. Site improvements (i.e. streets, sewer, water, lighting, landscaping) <br />7. Demolition <br />8. Homeownership Activities <br />Special Conditions on Homeownership Activities: <br />The applicant / developer may establish and administer a program to assist first time <br />homebuyers with down payment and closing cost assistance provided they comply with the <br />conditions listed below: <br />a) Individual homebuyers may not apply directly to the GROW Fund for home buying <br />assistance. <br />4 <br />