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<br />4 <br /> <br />the skills and experience of the development team and the property management team <br />(if applicable) are appropriate to the size and complexity of the project. <br /> <br />3. Site Control: Applicants must be able to provide, at the time the application is submitted, <br />evidence of single owner site control. <br /> <br />4. Relocation Plan: If applicable, applicants must show that a relocation plan has been <br />developed to ensure that comparable units within the community are available and the <br />budget is adequate to cover relocation costs. Applications proposing to relocate existing <br />tenants who are utilizing Housing Choice Vouchers will not be accepted. <br /> <br />5. Developer Fee Limits: Maximum developer fee allowable for rental projects shall be 15% <br />of project costs before developer fee for the first 50 units; thereafter 8% per unit for units <br />51+. For owner-occupied projects, developer fee may not exceed 10% of project costs <br />before developer fee. The Agency reserves the right to waive developer fee limits and/or <br />approve changes to amount of developer fee proposed in the initial application. <br /> <br />6. Underwriting: Rental development applications must align with current Minnesota <br />Housing underwriting criteria, unless a waiver request is submitted in writing and <br />accepted by the Agency in its sole discretion. Underwriting analysis will be conducted for <br />all applications by the Agency to promote the long-term sustainability of the proposed <br />development. The final GROW loan amount will be no larger than financially necessary <br />as determined by the Agency’s underwriting analysis. <br /> <br />E. Applicant / Developer Eligibility Requirements <br /> <br />In order to be eligible to receive GROW Funds, all applicants must complete a Developer’s <br />Qualifications form. The Agency may apply for GROW funds as a developer or as a partner in a <br />development project. Developers that have been disbarred from funding from U.S. Department <br />of Housing and Urban Development or the Minnesota Housing Finance Agency will not be <br />eligible for GROW Funds. <br /> <br />In addition to the preceding General Requirements, recipients of GROW funding must also <br />comply with the following ongoing requirements. <br /> <br />1. Monitoring: Initially applicants must provide to the Agency a list of actual tenant rents <br />and incomes and certify that the tenant rents and incomes are accurate and in <br />compliance with the rent and income requirements established by the Fund. To fulfill <br />this requirement the Agency will accept copies of reports submitted for other affordable <br />housing programs (Low Income Housing Tax Credits, Tax Exempt or Housing Revenue <br />Bonds, etc.). Otherwise, the developer must generate and submit a report in a format <br />acceptable to the Agency to document compliance. <br /> <br />Additionally, the developer of a project receiving GROW funding will be required to <br />certify to the Agency that the rental rates are within applicable limitations on an annual <br />basis. <br /> <br />2. Continuing Affordability: For those owner-occupied projects assisted with GROW funds, <br />units must remain affordable for a period of not less than 15 years. Rental projects <br />assisted with GROW funds must remain affordable for a period of not less than 30 years.