- (a) All underwriting requirements and provisions in the Qualified Allocation Plan in effect at time of application submission are applicable to applicants for Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) loan funds.
(b)
- (1) The same percentage of total units in the development must be restricted to households earning fifty percent (50%) or less of area median income (AMI) as the percentage is of FAF/BMIR funds to the total development costs.
- (2) These units will remain FAF/BMIR restricted units for the duration of the affordability period.
- (c) The rent of units restricted pursuant to subsection (b) of this section may not exceed thirty percent (30%) of the applicable AMI.
- (d) The maximum amount of loan funds that may be awarded is two hundred fifty thousand dollars ($250,000) per development.
- (e) Copies of all other financing documents must be submitted.