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-3- <br />demand. such as real estate sales over the past year; Realtor, builder or lender <br />information; indicators of a housing shortage; and recent area business/economic <br />expansion. <br />VI. NEW CONSTRUCTION REQUIREMENTS <br />Newly constructed homes may only be financed with funds under the MCPP if one <br />of the three following criteria is met. If your program involves new construction, <br />indicate which category (a, b or c, below) will be incorporated into your program, <br />and include appropriate details on area, type of structure, or affordability inia,tive <br />as is applicable. <br />(a) New construction located in a qualified redevelopment area. Include a brief <br />description and/or map defining the boundaries of your city's redevelopment <br />area. * <br />(b) New construction to replace a structurally substandard structure or structures. <br />(c) New construction which will be developed under one or more of the <br />"affordability initiatives" allowed under administrative rules (see Attachment <br />1). <br />* "Redevelopment area" means a compact and contiguous area within which 70% of the parcels are <br />developed (buildings, streets, utilities, etc.), and where more than 25% of the buildings are structurally <br />substandard to a degree requiring substantial renovation or clearance. <br />VII. SIGNATURES <br />Provide authorized signature(s) from the organization placing this application, <br />including printed or typewritten name, title and phone number. <br />MCPP-1-TC <br />3/ 1,94 <br />