1. (a) Funds received by eligible entities in this program shall be on a reimbursement basis upon submission by the awardee of required expense and supporting documentation. The department shall request additional supporting documentation if the submitted documentation gives rise to questions regarding the allowability of an expense, and the department shall deny reimbursement for unallowed expenses.
2. (b) Additional contractual terms that outline the manner and frequency of reimbursement, as well as other requirements such as reporting, oversight, and compliance, shall be contained in the award agreement signed by the state and the awardee, and subsequently authorized through the governor and executive council.
3. (c) The basis of that agreement shall be the state’s G-1 agreement, or other similar form that may be developed or modified by the New Hampshire department of justice or the department of administrative services.
4. (d) All loan agreements entered into as an award vehicle for this program, shall carry a zero percent interest rate and be forgivable, unless the financial structure of a given project would be negatively impacted by such terms.
5. (e) An awardee shall repay a loan if the awardee fails to comply with the conditions of the loan agreement, with potential waivers for incidental deviations from agreed upon terms that do not substantially alter the original agreement.

6. (f) All funds awarded shall be subject to affordability requirements memorialized in a deed restriction, which shall include at least:

   1. (1) Twenty percent of the housing units to be developed shall be affordable for a period of at least 10 years; and
   2. (2) Such units shall be affordable to and intended for occupancy by households with incomes up to 80 percent of the AMI, as established by HUD.
7. (g) Relative to affordability requirements attached to rental units, the period for which affordability requirements begin shall be upon occupancy, not upon completion of the unit. A committed affordable unit may be taken off the market for up to 180 days out of any 18 month period without extending the affordability restriction period if the unit is undergoing necessary repairs or upgrades that make occupation impossible or impracticable. If the unit is unavailable for rent for more than 180 days, the rent restriction shall toll, adding one day to the rent restriction period for every day over 180 days it remains unavailable.
8. (h) Relative to affordability requirements attached to purchased homes or units, or homes or units for sale, the period for which affordability requirements begin shall be upon occupancy, not upon completion of the home or unit. A home or unit with affordability requirements attached may be taken off the market for up to 180 days out of any 18 month period without extending the affordability restriction period if the unit is undergoing necessary repairs or upgrades that make occupation impossible or impracticable, or it has been listed for sale. If the home or unit is unavailable for more than 180 days, the affordability restriction tolls, adding one day to the affordability restriction period for every day over 180 days it remains unavailable.

Source. #14044, eff 8-8-24