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5 <br /> <br />E. General Application Requirements <br /> <br />1. Organizational Capacity: Applications must be received from a duly created and validly <br />existing corporation, partnership, or other entity. Applicants must also demonstrate that <br />the skills and experience of the ownership/development team and the property <br />management team are appropriate to the size and complexity of the project. Applicants <br />and the proposed property management firm must not have unresolved Fair Housing <br />complaints or a documented history of Fair Housing violations. Applicants or affiliated <br />entities that are disbarred from funding from U.S. Department of Housing and Urban <br />Development or the Minnesota Housing Finance Agency are not eligible for NOAH <br />GROW Funds. <br /> <br />2. Site Control: For renovation applications, applicants must provide, at the time the <br />application is submitted, evidence of site control acceptable to the Agency. <br /> <br />3. Relocation Plan: For renovation applications, applicants must show that a temporary <br />relocation plan has been developed to ensure that comparable units within the <br />community are available and the budget is adequate to cover any temporary relocation <br />costs. Any applications proposing to permanently relocate existing tenants in good <br />standing with their current lease requirements will not be accepted. <br /> <br />4. Design Requirements: Design of the project must comply with all applicable zoning, <br />building and energy codes, accessibility codes, and other local, state, and federal <br />requirements applicable due to the source of funding. Those developments in cities and <br />municipalities, which have not adopted the State Building Codes, must design and <br />construct the development to comply with the State Building Code. <br /> <br /> <br />F. Financial Feasibility Analysis <br /> <br />In order to ensure that limited resources are utilized in the most effective manner, funding <br />applications will be reviewed by Agency staff, analyzing the following items: <br /> <br />1. Reasonableness of costs <br />a. Per unit acquisition and renovation costs, including any related costs; <br />b. Required fees and financing costs; <br />c. Reasonableness and sustainability of maintenance and operating costs; <br />d. Level of Operating and Replacement reserves; <br />e. Necessity of funds based on total costs and any other proposed financing. <br /> <br />2. Development team capacity and experience <br /> <br />3. Level and duration of affordability <br /> <br />4. Underwriting analysis to support sustainable development operation, including debt <br />coverage ratio and cash flow analysis. Underwriting analysis will follow the current <br />underwriting guidelines from Minnesota Housing with exceptions approved by the <br />Agency on a case by case basis. The final NOAH GROW loan amount will be limited to <br />what is financially necessary as determined by the Agency’s underwriting analysis. <br /> <br />5. Readiness to proceed