Laserfiche WebLink
Vacancy Rate: Vacancy rate in the community must be at or below five percent for the prior two-year <br />period. <br />Gvoejoh!Ufsnt! <br />Funding Options: Applicants choose to request funds in the form of a grant or a deferred loan. <br />Grant Terms:Three year grantcontract <br />Construction must begin within 12 months of contract execution <br />Construction must be complete within 24 months of construction start <br />Deferred Loan Terms: Three year unsecured loan <br />Zero percent interest <br />Forgivable <br />Construction must begin within 12 months of contract execution <br />Construction must be complete within 24 months of construction start <br /> <br />Disbursement Schedule Supporting documentation for the disbursement of funds is required. <br />An initial disbursement of up to one-third of the award upon execution of contracts. <br />An additional disbursement of up to one-third of the award mid-construction. <br />A final disbursement upon construction completion. <br />Maximum Funding The amount of funds requested cannot exceed 25 percent of total development <br />Amount: costs (TDC). <br />Reporting and Monitoring: Recipients will be subject to annual reporting and monitoring during the term of the <br />grant or loan. <br />Rvftujpot! <br />Sara Bunn, Program Manager: 651.296.9827 or sara.bunn@state.mn.us. <br />911/768/4758! <br />xxx/noipvtjoh/hpw! <br />