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192 <br />Racially Concentrated Areas 0fPoverty (see Areas 0fConcentrated Poverty) <br />Rehabilitation Loan PR}grBD1 <br />Minnesota Housing's Rehabilitation Loan/Emergency and Accessibility Loan Programs assist <br />very -low-income homeowners in financing basic home improvements that directly affect <br />the safety, habitability, energy efficiency or accessibility of their homes. The Emergency <br />and Accessibility Loan Program ioavailable for home improvements addressing emergency <br />conditions of the home or accessibility needs for a person with a disability. <br />Rental Assistance Demonstration (RA0Program <br />The RAID program aUovvo PHAoand private owners ofcertain at -risk, federally assisted <br />properties to convert their current assistance to long-term Section 8 contracts or tenant - <br />based vouchers. The move positions the owners to be able to leverage millions of dollars in <br />debt and equity to address capital needs and preserve the affordable units. <br />Right 0fFirst Offer <br />As used in the plan, acontractua| obligation by the owner of property to a rights holder <br />(likely a government or nonprofit organization) to negotiate sale of the property with the <br />rights holder before offering it for S8|e to third parties. If the rights holder is not interested in <br />purchasing the property at a fair market value, or cannot otherwise reach agreement with the <br />seller, the seller iu free to ue|| the asset to other interested parties. <br />Right nfFirst Refusal <br />A contractual right of an entity to be given the opportunity to enter into a business <br />transaction with a person or company before anyone else can. A right of first refusal provides <br />the right, but not the obligation, of a specific entity or entities (likely government or nonprofit <br />organizations) topurchase aproperty. |fthe entity with the right offirst refusal declines to <br />purchase the property, the property owner is free to open bidding up to other interested <br />parties. <br />Risk Pod <br />Typically, a risk pool is an account established by corporate insurance providers to hold <br />funds that will be jointly available in times of |000 due to natural disasters. The intention <br />is to mitigate risk by spreading any |000eo or claims among the members so no individual <br />member faces a claim so large it could bankrupt the company or leave claimants without <br />due compensation. <br />Section 202Program <br />HUD's Section 202 program provides nonprofit organizations funds for the construction, <br />rehabilitation or acquisition of supportive housing for very -low-income elderly persons, and <br />provides rent subsidies for the projects to keep them affordable. <br />Section <br />Under Section 3, recipients of HUD funding for housing construction, reconstruction, <br />conversion or rehabilitation must make dedicated efforts to extend contractual, labor, and <br />procurement opportunities to Section 3 residents and Section 3 business concerns. A <br />Appendices <br />