- (1) An application must be submitted using the board's approved application process.
(2) At the time the application is submitted, an applicant must also submit:
- (a) a description of the efforts made by the applicant to coordinate the loan with other housing assistance programs administered by the board or any other governmental or nongovernmental entity;
(b) an explanation of how the loan will not replace existing or available funding for the project, including:
- (i) a detailed description of the public benefit obtained from program funding; and
- (ii) construction phase funding, if applicable, compared to funding from other existing and available funding sources with substantially similar terms and conditions; and
- (c) a description of the priority the lien of the board will have in relationship with the liens of other lenders on the project.
- (3) Applications for use of funds under ARM 8.111.503(1)(d) and (f) must include a detailed narrative of the applicant’s efforts to obtain funding from other source(s) and the outcomes of such efforts.
- (4) Applications that are substantially incomplete will not be processed but will be returned to the applicant.
- (5) Applicants must demonstrate project development progress through submission of quarterly progress reports from the preliminary loan application approval through loan closing. Quarterly progress reports must be submitted in accordance with the requirements of and using the quarterly report form for the board’s housing credit program. Details of the housing credit quarterly report process and requirements may be obtained by contacting the board by mail at P.O. Box 200528, Helena, Montana 59620-0528, by telephone at (406) 841-2840, or at the board's website, www.commerce.mt.gov/housing.
Authorizing statute(s): 90-6-136, MCA
Implementing statute(s): 90-6-134, MCA
History: NEW, 2002 MAR p. 75, Eff. 1/18/02; AMD, 2008 MAR p. 40, Eff. 1/18/08; AMD, 2023 MAR p. 1405, Eff. 10/21/23; AMD, 2025 MAR, Notice No. 2025-345, Eff. 11/8/25.