Section 10-B4307. TYPES OF ASSISTANCE TO BE PROVIDED

 

4307.1The DHCD shall provide interim and permanent loans in accordance with §§4308 and 4309 to the extent required to make feasible the development of community based residential facilities and other housing eligible for HoFEDD assistance, for which all or any portion of the allowable project costs listed in §4305 would be either unavailable from other sources or would be available only at terms which would render the project economically infeasible.

 

4307.2The DHCD encourages that both interim and permanent loans be leveraged by private or other public agency financing.

 

4307.3The DHCD may give priority to proposals with higher ratios of private to public funding, and it shall be DHCD's general policy for all applicants, that other public or private financing shall be used to the maximum extent possible consistent with project feasibility. DHCD's underwriting of proposals shall be based on this policy.

 

4307.4Any failure of the applicant to comply with any interim or permanent loan terms or contractual documents required by DHCD may constitute a default as determined in the sole discretion of DHCD.

 

source

Final Rulemaking published at 35 DCR 3535, 3549 (May 13, 1988).