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Housing and Urban Development for the Minneapolis-St. Paul-Bloomington, <br /> Minnesota-Wisconsin Metropolitan Statistical Area, as adjusted for smaller and <br /> larger families. <br /> 912.3 ELIGIBLE ACTIVITIES <br /> A. Pursuant to the authority granted to the City under Minnesota Statutes, Section <br /> 462C.16, the funds collected for deposit in the affordable housing trust fund may <br /> be utilized for the following housing activities: <br /> 1. Grants, loans, and loan guarantees for the development, rehabilitation, or <br /> financing of housing. <br /> 2. Match other funds from federal, state, county or private resources for <br /> housing projects. <br /> 3. Rental assistance to Persons of Very Low, Low, and Moderate Income. <br /> 4. Downpayment assistance. <br /> 5. Homebuyer counseling services. <br /> 6. Affordability gap funds for Community Land Trust. <br /> 7. Emergency rental assistance for Persons of Low Income and Persons of <br /> Very Low Income. <br /> 8. Financial support to nonprofit affordable housing providers offering the <br /> activities listed in this section. <br /> 9. Payment of expenses to administer the Affordable Housing Trust Fund in <br /> the maximum amount of ten percent of the balance of the Affordable <br /> Housing Trust Fund. <br /> B. Affordability Requirements. <br /> 1. Eligible projects will be designed for the purpose of construction, <br /> acquisition, rehabilitation, demolition or removal of structures, <br /> construction financing, permanent financing, interest rate reduction, <br /> refinancing, and gap financing of housing affordable to Persons of <br /> Moderate, Low, or Very Low Income. <br /> 2. Housing developed or rehabilitated with funds under this section must be <br /> affordable to Persons of Moderate, Low Income, or Very Low Income. <br /> C. Project Prioritization: <br /> RS 160\1\909991.v1 <br />