Laserfiche WebLink
Sample Peer Policy for Ramsey Review <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/purchase prices are within applicable <br />limitations on an annual basis. The Authority will also require individual certifications of <br />household income. <br />2. Continuing Affordability: For redevelopment projects with affordable housing units <br />assisted with GROW funding, units must remain affordable pursuant to an established <br />affordable housing Fund or if not funded pursuant to an established affordable housing <br />Fund units shall remain affordable for a period of not less than 15 years. <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 />has units that meet the requirements of the GROW Fund, they will not exclude from <br />consideration -qualified families receiving assistance through the Section 8 Fund. <br />Section XIV —Structure of GROW Fund Awards: Loan Limits & Terms (Redevelopment <br />Proposals) <br />1. A GROW Fund award to redeveloper may be structured as either a: <br />a) Term Loan - Repayable given flexible terms and low interest rate <br />b) Deferred Loan - Repayable at a future date or on sale of property <br />c) Forgivable Loan - Loan that is not repaid unless conditions of the agreement are not <br />met. <br />2. Limits: The maximum available to projects serving the eligible population may not <br />exceed $10,000 per unit or a maximum of $250,000 per project. The minimum request <br />the Authority will review is $50,000 per project. <br />3. Terms: Funding awarded from the GROW Fund will be in the form of a term loan, <br />deferred loan or forgivable loan. Terms of the loan will be based on the length of <br />affordability and the ability of the developer to repay. <br />Repayment of a GROW Fund loan will be required on the date or dates on which any of <br />the following occur: <br />a) Any transfer or sale of the property post -redevelopment (assignment may be <br />considered); <br />b) The date of any refinancing of any aspect of a project including bonds, loans, <br />deferred loans or any other source of permanent financing; <br />c) Upon occurrence of an event of default; or <br />d) Upon prepayment of the loan as a result of foreclosure or the granting of a deed in <br />lieu of foreclosure. <br />The owner shall pay to the Authority, as repayment in full of the GROW Fund loan <br />and/or the aggregate amount of all advances made by the Authority or the GROW Fund <br />loan amount. <br />I0 <br />