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Sample Peer Policy for Ramsey Review <br />4. Additional Terms: Where possible or feasible loans will be structured for partial <br />repayment based on sharing of after tax cash flow. <br />Section XV —Underwriting Criteria & Selection of Projects for Awards (Redevelopment <br />Proposals) <br />In order to ensure that limited resources are utilized in the most effective manner, funding <br />applications must meet the threshold eligibility requirements defined to receive further <br />consideration. Threshold requirements include: <br />1. Compliance with the GROW Fund purpose and Authority mission. <br />2. Compliance with requirements in Sections IV through VII and XII through XIV of this <br />document. <br />In addition, applications will be reviewed and scored on the following criteria: <br />1. Housing Affordability. The HRA places greater priority on redevelopment projects that <br />will result in new affordable housing in Washington County. Applicants should consider <br />the inclusion of affordable housing in their redevelopment plans. Preference will be <br />given to projects that include senior housing units and/or housing units targeted to <br />persons experiencing long-term homelessness. To earn points under this criterion, <br />applicants must demonstrate rents at or below 50% of the area median income or <br />purchase prices at or below 80% of the area median income (maximum 20 points). <br />2. Mixed -Use Development. The HRA encourages redevelopment which promotes both <br />economic and community development through a mixture of property types and uses. <br />Points will be awarded to applicants demonstrating greater housing variety and density, <br />compact development, pedestrian and bicycle friendly design, and/or recreation <br />opportunities which will create a strong sense of community (maximum 20 points). <br />3. Transit Oriented Development Principles. The HRA encourages redevelopment <br />supportive of public transit. Points will be awarded to redevelopment projects that <br />include features to promote transit ridership and are located in close proximity to the <br />proposed Gateway, Rushline or Red Rock corridors, an Express Bus station or park and <br />ride, or in a Transit Improvement Area designated by MN Department of Employment <br />and Economic Development (DEED). Redevelopment located in communities not <br />served by public transit will be exempt from this criterion (maximum 20 points). <br />4. Leverage. Applications should include a variety of other funding sources committed to <br />the project. Other funding sources could include CDBG, TIF, DEED, Metropolitan <br />Council, City, or other public and private resources. City sources may include waived <br />fees (maximum 15 points). <br />5. Readiness to Proceed. The applicant should be ready to proceed with the identified <br />project upon funding award determined through financing commitments, land use <br />approvals, property ownership, and other documentation (maximum 15 points). <br />6. Sustainability. The HRA encourages redevelopment which results in healthier <br />communities. Consideration will be given to applicants using sustainable materials and <br />