- (a) The Commissioner may provide financial assistance to developers, equal to the cost of predevelopment activities financed by a mortgage loan under any federal or state housing statute.
- (b) Eligible expenses are limited to the following: appraisals, title searches, legal fees, option agreements, architectural, engineering and consultants' fees, financing fees, closing costs and such other expenses as may be financed by a mortgage loan under any federal or state housing statute.
- (c) Financial assistance shall be in the form of a loan and may only be repaid if such expenses are to be recovered by the developer from the mortgage loan or the proceeds of the sale of the housing development.
- (d) Preference for predevelopment activities shall be given to developers who have applied for housing construction or rehabilitation funding under the Community Housing Development Corporations Program.
- (e) Developers shall be required to submit evidence of a conditional commitment of financing from a federal or state housing program in conjunction with their application for financial assistance under this section.
- (f) Income limits shall be those established by the state and/or federal program being utilized. However, a preference will be given to those developments which propose to serve a mixed income population.
(Effective November 30, 1990)