175-3-02 Application for a Seed Money Loan.

(A) A sponsor shall submit, on a form provided by the agency, an application for a seed money loan. .

(B) Applications that meet all minimum criteria as defined in this chapter and in agency guidelines shall be presented to the agency or a committee of the agency for review. Approval shall be made by the agency..

(C) All applications shall include, at a minimum, the following items:

(1) Evidence that a site for a housing development has been identified.

(2) Evidence of sufficient collateral to secure the amount of the seed money loan. The collateral shall be in the form of a mortgage on the real property, irrevocable letters of credit, or other security devices and collateral required or approved by the agency.

(3) Evidence that the project shall be occupied by low- and moderate-income persons, as determined by the agency.

(4) Sufficient information regarding the identity, background, and experience of all officers, general or limited partners, and other principal personnel who would be a member of the development team for the proposed project.

(5) A proposed budget showing the sources, uses and amounts of financing needed for the project and evidence of conditional financial support for the project.

(6) Copies of audited financial statement and tax returns, if determined to be necessary.

HISTORY: Eff 5-31-86; 3-23-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 175.02

Rule amplifies: RC 175.04

RC 119.032 Review Date: 3/23/09