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<br />2 <br /> <br />Funding Availability <br /> <br />GROW funds are available on a first come, first served basis. Applications will be accepted <br />throughout the year as long as uncommitted funds are available and the application meets both <br />the GROW fund requirements and Agency priorities. The Agency requires a minimum of 60 <br />days from the date a full and complete application is received to the date approved by the Board <br />of Commissioners. The Agency may determine to fund an application in whole or in part. In its <br />sole discretion, the Agency reserves the right to waive any provision of this policy. <br /> <br />Reporting <br /> <br />Per MN Statute §462C.16, Subd. 5, the Agency shall report annually on GROW Fund activities. <br /> <br /> <br />RENTAL AND OWNER-OCCUPIED HOUSING <br />NEW DEVELOPMENT AND PRESERVATION PROPOSALS <br /> <br />A. Rental and Owner-Occupied Housing Applications <br /> <br />Applicants proposing an affordable rental or owner-occupied housing project, must submit to the <br />Agency an application in the form provided by the Agency and complete with all requested <br />attachments (See Application for full list of submittals). <br /> <br />1. Applicant: The Agency will accept applications from rental housing owners and <br />developers and owner-occupied housing developers. Applications will not be accepted <br />from individual homebuyer/homeowners. <br /> <br />2. Application Fee: Rental and owner-occupied housing applications must be accompanied <br />by a fee of $1,500.00. Except when an application is withdrawn by a developer prior to <br />review by Agency staff, application fees shall be nonrefundable. <br /> <br />3. Community Review: At the time an application is submitted for GROW Funds the <br />applicant must include a letter from the city in which the development is located stating <br />the current zoning and approval status. <br /> <br />a. In addition, the Agency will submit all applications for GROW funding to the city in <br />which the development is located for review and comment. Cities will be given a <br />reasonable period of time to review and submit comments. <br /> <br />b. The Agency will not approve any request for funding where a community indicates <br />that the development is not consistent with the community’s comprehensive plan. <br /> <br />4. Leverage: Applications for new rental development must be able to demonstrate a <br />minimum of two dollars of other funds public or private to one dollar of GROW Funds (i.e. <br />2:1 ratio). Applications for preservation projects must seek to leverage additional funds, <br />including existing operating or replacement reserves and other state/local resources, <br />when feasible and reasonable. Staff will review leverage on preservation applications on <br />a case-by-case basis. <br /> <br />5. Funding Request: Requested GROW funding must be in the form of a loan. Grant <br />requests will not be accepted.