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<br />3 <br /> <br /> <br />B. Threshold Eligibility Requirements <br /> <br />To be eligible for funding through the GROW Fund, the following threshold requirements must <br />be met: <br /> <br />1. Income Requirements: Income restrictions will be established according using <br />HUD/MTSP area median income (AMI) guidelines for the Minneapolis/St. Paul <br />metropolitan statistical area as applicable: <br /> <br />a. Rental projects: The annual gross income of the renter household must be at or <br />below 60% AMI. <br />b. Owner-occupied projects: The annual gross income of the homebuyer household <br />must be at or below 115% AMI. <br /> <br />2. Rent Limits: For rental applications, rents must be limited to the most current <br />HUD/MTSP AMI rent schedule (e.g. Low Income Housing Tax Credit Rent Limits) for <br />50% AMI or below, less applicable utility allowance. <br /> <br />3. Purchase Price Limits: For owner-occupied applications, purchase prices must be <br />limited to the most current MN Housing Start Up program purchase price limit. <br /> <br /> <br />A housing development applying for GROW funds which receives a public or non-profit subsidy, <br />tax credits or other assistance under a state or federal program may contain market rate units, <br />insofar as permissible under those Funds. However, GROW funds may not be used to support <br />market rate units. <br /> <br />C. Eligible Activities / Costs <br /> <br />GROW Funds can be used for the following activities on either rental or owner-occupied <br />projects: <br /> <br />1. Land acquisition <br />2. Construction and/or rehabilitation <br />3. Architectural and engineering services <br />4. Environmental remediation <br />5. Site improvements (i.e. streets, sewer, water, lighting, landscaping) <br />6. Demolition <br />7. Financing or soft costs related to the above activities <br /> <br />D. General Requirements <br /> <br />1. Design Requirements: Design of the project must comply with all applicable codes, rules <br />and regulations including but not limited to zoning, building and energy codes, <br />accessibility and other local, state, and federal requirements. Those developments in <br />cities and municipalities, which have not adopted the State Building Codes, must design <br />and construct the development to comply with the State Building Code. <br /> <br />2. Organizational Capacity: Applications must be received from a duly created and validly <br />existing corporation, partnership, or other entity. Applicants must also demonstrate that