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The "Limited Fund" programs that are offered are highly competitive. The funding partners anticipate having approximately $4 million available this round, subject to available funding. General information regarding the types of programs available are provided below. For specific information, please refer to the actual program concepts and applications. The programs listed below have applications included in this RFP. • Building Better Neighborhoods (BBN), Greater Minnesota Housing Fund Program. Greater Minnesota Housing Fund (GMHF)1)New Construction-Under its Building Better Neighborhoods (BBI� program, Greater Minnesota Housing Fund (GMHF) provides gap financing (interest-free, deferred loans) for homebuyers and/or below-market (2%interest, three- year term) interim financing for the developer that are available for land acquisition, infrastructure or construction, In addition, limited GMHF funds for other single-family new construction projects not meeting BBN guidelines may be awarded. For both programs, additional funds are available to support projects with employer assistance. 2) Housing Rehabilitation-GMHFalso provides zero- or low-interest deferred loans on a limited basis to non- profit and for-profit organizations and local government agencies to facilitate the rehabilitation of affordable (not exceeding 80%statewide median income, preference given to 50%SM� owner- occupied housing. GMHF's funding priorities include substantial rehab of aging, owner-occupied single-family housing, in conjunction with a larger community revitalization effort. Local leverage is required. GMHF's maximum assistance per unit is $15,000. � Community Revitalization Fund (CRV), Minnesota Housing Finance Agency Program. The CRV is the umbrella name for a variety of MHFA resources that are provided under one fund. Funding resources include the Economic Development and Housing Challenge Fund Program (Challenge Program). CRV funds may be used to address activities related to single-family and owner-occupied housing, including manufactured homes. Please refer to the program concept and application for a list of the eligible activities. The type, terms and conditions of assistance vary depending upon the needs outlined in each proposal and the availability of funding resources. Funds are typically provided in the form of a construction loan or deferred loan repayable to the funder. Under certain circumstances with justification, a grant may be provided. Generally, if an activity may be addressed through a loan rather than a grant, a loan will be provided. ff awarded a deferred loan, the applicant is required to lend the funds to an eligible homebuyer as a deferred loan that will be repaid to the funder. The Family Housing Fund, Metropolitan Council, and GMHF inay also provide funds under the CRV fund in the form of loans and grants, and in most cases, repayment is required. • Local Housing Incentive Account (LHIA), Metropolitan Council Program. Funds from this account are awarded as grants that must be matched on a dollar-for-dollar basis by the municipality receiving the funds. These grant funds may be used for costs associated with projects that help municipalities meet their negotiated Livable Communities Act (LCA) housing goals including, but not limited to, acquisition, rehabilitation and construction of permanent affordable and life-cycle housing. General Notes: The assistance provided by MHFA and its funding partners must be "needs-based" when determining affordability and/or value gap financing. �