§ 122E-8. Allocation of funds.
§122E‑8. Allocation of funds.
(a) Monies within theFund shall be allocated to eligible applicants under this Chapter by theAgency, in accordance with funding cycles established at least annually. ThePartnership shall establish rules and regulations with full public input,including at least one public hearing for which adequate notice is provided ina timely manner. These rules and regulations shall establish general policiesgoverning the eligibility of applicants, application procedures, project eligibilityrequirements, and the criteria and standards for awarding grants and loans.Such rules and regulations shall be adopted within 270 days from the effectivedate of this Chapter.
(b) The Agency shallpromulgate rules and regulations governing the review of applications forassistance and the awarding of grants or loans under this Chapter in accordancewith the rules and regulations adopted pursuant to subsection (a) above. Therules and regulations shall provide that if an application is rejected, theAgency shall detail in writing the reasons for the rejection.
(c) The Agency shallgive priority to applications providing for:
(1) The improvement ofexisting housing stock which is affordable for low and very low incomefamilies;
(2) The construction ofhousing units for very low income families; and
(3) The leveraging ofFund monies by combination with other private or governmental loan grant orbond financing programs.
(d) The Agency shallalso give priority to applications which include provisions such as:
(1) Interest rates andloan terms more favorable than those conventionally offered;
(2) Developercontributions to project costs;
(3) Local governmentcontributions to project costs, including infrastructure improvements,contributions of publicly owned land for housing development, and the provisionof funds for such services as child care and job training;
(4) Coordination withother housing and/or infrastructure investments in the community;
(5) Provision of housingto the disabled, single parent households, or rurally isolated households; or
(6) Provision of housingto persons whose current housing fails to meet basic standards of health andsafety and who have little prospect of improving the condition of their housingexcept by residing in an eligible project receiving assistance under thisChapter. (1987, c. 841, s. 1; 1997‑506, s. 44.)