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Attachment 1 <br />47 Housing and Urban Development for the Minneapolis-St. Paul-Bloomington, <br />48 Minnesota-Wisconsin Metropolitan Statistical Area, as adjusted for smaller and <br />49 larger families. <br />50 <br />51 912.3 ELIGIBLE ACTIVITIES <br />52 <br />53 A.Pursuant to the authority granted to the City under Minnesota Statutes, Section <br />54 462C.16, the funds collected for deposit in the affordable housing trust fund may <br />55 be utilized for the following housing activities: <br />56 <br />57 1.Grants, loans, and loan guarantees for the development, rehabilitation, or <br />58 financing of housing. <br />59 <br />60 2.Match other funds from federal, state, county or private resources for <br />61 housing projects. <br />62 <br />63 3.Rental assistance to Persons of Very Low, Low, and Moderate Income. <br />64 <br />65 4.Downpayment assistance. <br />66 <br />67 5.Homebuyer counseling services. <br />68 <br />69 6.Affordability gap funds for Community Land Trust. <br />70 <br />71 7.Emergency rental assistance for Persons of Low Income and Persons of <br />72 Very Low Income. <br />73 <br />74 8.Financial support to nonprofit affordable housing providers offering the <br />75 activities listed in this section. <br />76 <br />77 9.Payment of expenses to administer the Affordable Housing Trust Fund in <br />78 the maximum amount of ten percent of the balance of the Affordable <br />79 Housing Trust Fund. <br />80 B. Affordability Requirements. <br />81 1.Eligible projects will be designed for the purpose of construction, <br />82 acquisition, rehabilitation, demolition or removal of structures, <br />83 construction financing, permanent financing, interest rate reduction, <br />84 refinancing, and gap financing of housing affordable to Persons of <br />85 Moderate, Low, or Very Low Income. <br />86 2.Housing developed or rehabilitated with funds under this section must be <br />87 affordable to Persons of Moderate, Low Income, or Very Low Income. <br />88 C.Project Prioritization: <br />RS160\\1\\909991.v1 <br />Qbhf!8!pg!614 <br /> <br />