Part 4900.2702 - ELIGIBLE APPLICANTSSubpart 1.Property interest.An applicant for a family rental housing program loan must, at the time of application, possess one of the following interests in the property:
B. a fee title subject to a mortgage or other lien securing a debt capable of prepayment or, at the option of the agency, subordination; orC. a mutually binding contract or option for the purchase of fee title.Subp. 2.Applicant eligibility.To be eligible for selection as a recipient of a loan from a family rental housing program, an applicant must be:
A. a Minnesota nonprofit entity as defined in part 4900.0010, subpart 21; including, but not limited to, a housing and redevelopment authority established under Minnesota Statutes, sections 469.001 to 469.047;B. a town or home rule charter or statutory city in Minnesota;C. a cooperative housing corporation as defined in part 4900.0010, subpart 8;D. a limited dividend entity as defined in part 4900.0010, subpart 14;E. a for profit entity to the extent authorized under Minnesota Statutes, section 462A.21, subdivision 8b.Minn. R. agency 148, ch. 4900, FAMILY RENTAL HOUSING LOAN PROGRAM, pt. 4900.2702
Statutory Authority: MS s 462A.06