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Sample Peer Policy for Ramsey Review <br />b) GROW Funds shall not be a substitute for other downpayment or closing cost <br />assistance programs. Other programs must be maximized before GROW Funds will <br />be considered. <br />c) GROW Funds may be used as downpayment or closing cost assistance for <br />households earning less than 60% AM I, an agreement with a 20 year minimum term <br />for affordability shall be required for any downpayment or closing cost assistance <br />transactions. This agreement shall have provisions that maintain long term <br />affordability of the housing unit similar to those typically used in a land trust model for <br />affordability. <br />d) Purchase price limits for first time homebuyers shall be tied to those limits set by <br />MHFA first mortgage programs. <br />e) Beneficiaries of the downpayment program would be required to repay GROW funds <br />in the event that they would sell their home, go into default, refinance the home, or at <br />the end of 20 years. <br />****************FOR REDEVELOPMENT PROPOSALS, SKIP TO SECTION XII.****************** <br />Section VIII - General Requirements (Housing Proposals) <br />1. Design Requirements: Design of the project must comply with all applicable codes, <br />rules and regulations including but not limited to zoning, building and energy codes, <br />accessibility and other local, state, and federal requirements. Those developments in <br />cities and municipalities, which have not adopted the State Building Codes, must design <br />and construct the development to comply with the State Building Code. <br />2. Density. Projects must meet the density requirements of the local jurisdiction. The <br />applicant must submit a zoning letter or other documentation that specifies allowable <br />densities and/or or land use regulatory issues. <br />3. Organizational Capacity: Applications must be received from a duly created and validly <br />existing corporation, partnership, or other entity. Applicants must also demonstrate that <br />the skills and experience of the development team and the property management team <br />(if applicable) are appropriate to the size and complexity of the project. <br />4. Community Review/Letters of Support: At the time an application is submitted for <br />GROW Funds the applicant must include a letter from the city in which the development <br />is located stating the current zoning and approval status. <br />a) In addition, the Authority will submit all applications for GROW funding to the city in <br />which the development is located for review and comment. Cities will be given a <br />reasonable period of time to review and submit comments. The Authority will not <br />consider funding a development before a city has provided comments. <br />b) The Authority will not approve any request for funding where a community indicates <br />that the development is not consistent with the community's plans, policies, or goals. <br />5. Site Control: Applicants must be able to provide, at the time the application is <br />submitted, evidence of single owner site control. Evidence includes: deed of trust, <br />5 <br />