Minn. R. agency 148, ch. 4900, HOME IMPROVEMENT GRANTS AND REHABILITATIVE LOANS, pt. 4900.0630
In addition to all conditions imposed by the act, an application for a rehabilitation grant or loan shall satisfy the following requirements.
The recipient(s) must occupy the structure to be improved as the recipient's(s') principal place of residence and individually or in the aggregate have at least a life estate or a one-third interest in the fee title or in the contract for deed with respect to such structure. The agency may waive or modify the ownership and security requirement when necessary to permit rehabilitation grants for structures located on Indian reservations. For mobile homes taxed as personal property or not permanently affixed to real property, recipient(s) must be current in any loan payments on the structure, and individually or in the aggregate have a 100 percent interest in the title to the mobile home.
For the purpose of complying with the ownership requirements, the recipient may aggregate the recipient's interest in such property with the ownership interests of other individuals also occupying the structure to be improved as their principal place of residence. All individuals occupying the structure to be improved as their principal place of residence and having an ownership interest in such structure must join in the application.
Each recipient must be a person or family of low or moderate income. "Low or moderate income" is defined as income not to exceed 30 percent of median income adjusted for household size for the Minneapolis-St. Paul Metropolitan Statistical Area as determined by the United States Department of Housing and Urban Development.
"Assets" for purposes of deferred loans described in parts 4900.0610 to 4900.0700 is the sum of the following, after deducting any outstanding indebtedness:
Assets for the purposes of revolving loans is the sum of the following, after deducting any outstanding indebtedness:
No applicant may receive a revolving loan to improve a property if the combined original principal amounts of revolving loans received by the applicant to improve the property will exceed $15,000, or if the outstanding balance of revolving loans will exceed the maximum loan amount in part 4900.0640, subpart 2.
Applicants for receipt of revolving loans cannot be eligible for assistance provided under parts 4900.0510 to 4900.0520 and 4900.0590 to 4900.0605; or for local or federal government housing rehabilitation financing programs which may be available in the area in which the property is located.
Minn. R. agency 148, ch. 4900, HOME IMPROVEMENT GRANTS AND REHABILITATIVE LOANS, pt. 4900.0630
Statutory Authority:MS s 14.05; 462A.06