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2 <br /> <br />• Match Funding: From time to time, the Fund may receive additional funds from outside <br />sources. Moneys received from other sources will be deposited into the Fund and used <br />to make loans. <br />• Fund Income: Where financially feasible, the Fund will utilize a “Revolving Loan Fund” <br />concept. Loan repayments and prepayments will be considered Fund Income and will <br />be deposited back into the Fund to make additional loans. <br /> <br /> <br />Funding Availability <br /> <br />NOAH GROW funds are available on a first come, first served basis. Applications will be <br />accepted throughout the year as long as uncommitted funds are available and the application <br />meets both the NOAH GROW Fund requirements and Agency priorities. The Agency typically <br />requires a minimum of 60 days to review a full and complete renovation financing application <br />prior to recommendation to the Board of Commissioners. The Agency may determine to fund an <br />application in whole or in part. In its sole discretion, the Agency reserves the right to waive any <br />provision of this policy. <br /> <br /> <br />ACQUISITION AND RENOVATION FINANCING PROPOSALS <br /> <br />A. Applications <br /> <br />Applicants proposing the acquisition and/or renovation of an affordable multifamily rental <br />housing development (minimum of four rental units in one rental building), 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 established rental housing <br />ownership and development entities. The Agency will prioritize proposed <br />acquisitions/renovations by Minnesota-based parent entities with a demonstrated <br />commitment to long-term housing affordability and well-maintained properties. <br /> <br />2. Application Fee: Applications must be accompanied by a fee of $1,500. Except when an <br />application is withdrawn by an applicant prior to review by Agency staff, application fees <br />shall be nonrefundable. <br /> <br />3. Community Review: For renovation applications, Agency staff will communicate with <br />applicable city staff to understand any building code or rental license compliance <br />concerns that should be addressed in the renovation proposal. City staff will be given a <br />reasonable period of time to review and submit comments. The Agency will not approve <br />any request for funding where a community indicates that the proposed renovation is not <br />consistent with the community’s current comprehensive plan. <br /> <br /> <br />B. Eligible Activities / Costs <br /> <br />NOAH GROW Funds can be used for the following activities for multifamily rental developments <br />of 4 or more units: <br /> <br />1. Property acquisition and related fees