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Sample Peer Policy for Ramsey Review <br />current and executed purchase agreement or sale agreement, current title showing <br />applicant as owner, or option agreement. <br />6. Relocation Plan: If applicable, applicants must show that a relocation plan has been <br />developed to ensure that comparable units within the community are available and the <br />budget is adequate to cover relocation costs. <br />7. Leverage: Applications must be able to demonstrate a minimum of two dollars of other <br />funds public or private to one dollar of GROW Funds (i.e. 2:1 ratio). <br />8. Funding Request: Requested GROW funding must be in the form of a loan or deferred <br />loan. Grant requests will not be accepted. <br />Section IX — Applicant / Developer Eligibility Requirements (Housing Proposals) <br />In order to be eligible to receive GROW Funds, upon approval all applicants must complete the <br />Developers Qualifications form in Exhibit B. It is expected that Developers have successfully <br />completed at least one affordable housing project prior to receiving GROW Funds. The <br />Authority may apply for GROW funds as a developer or as a partner in a development project. <br />Developers that have been disbarred from funding from U.S. Department of Housing and Urban <br />Development or the Minnesota Housing Finance Agency will not be eligible for GROW Funds. <br />In addition to basic eligibility requirements, recipients of GROW funding must also comply with <br />the following ongoing requirements. <br />1. Monitoring: Initially applicants must provide to the Authority a list of actual tenant rents <br />and incomes and certify that the tenant rents and incomes are accurate and in <br />compliance with the rent and income requirements established by the Fund. To fulfill <br />this requirement the Authority will accept copies of reports submitted for the Tax Credit <br />Fund, Bond Funds or other approved financing Funds. If funding is not received under <br />Funds such as the Tax Credit, Bond Fund, or other approved financing Fund then the <br />developer must generate and submit a report. <br />Additionally, the developer of a project receiving GROW funding will be required to <br />certify to the Authority that the rental rates are within applicable limitations on an annual <br />basis. The Authority will also require individual certifications of household income. <br />2. Continuing Affordability: For those projects assisted with GROW Fund funds, units <br />must remain affordable pursuant to an established affordable housing Fund or if not <br />funded pursuant to an established affordable housing Fund units shall remain affordable <br />for a period of not less than 15 years. <br />The use of GROW Fund funds require that funds used for downpayment assistance be <br />paid back at the time the home is sold or at the end of the mortgage term. Fund funds <br />utilized for downpayment assistance will be returned to the Authority and the GROW <br />fund, thereby nullifying the continuous affordability requirement. <br />3. Participation in the Section 8 Fund: Developers of multifamily rental units will be <br />required to sign an agreement that while the loan is outstanding; it will participate in the <br />Section 8 Rental Assistance Fund. Participation means that to the extent the developer <br />6 <br />