Minnesota Legislature
Office of the Revisor of Statutes
Minnesota Administrative Rules
4900.3220 ELIGIBLE PROGRAMS.
Subpart 1.
General program eligibility.
All applications for single-family housing programs under Minnesota Statutes, section 474A.061, subdivision 2a, must be made by a city and must meet the requirements of this part.
Subp. 2.
Borrower income limits.
In addition to the borrower income limits in Minnesota Statutes, section 474A.061, subdivision 2a, paragraph (b), clause (2), the program's borrower income limits must not exceed the maximum allowed for mortgage bonds under federal tax law, including section 143(e) of the Internal Revenue Code of 1986.
If Minnesota Statutes provide for agency income limits and those limits are lowered during the origination period, cities may use the income limits in effect at the time the bonds were issued for the duration of the origination period. If the agency's income limits are raised during the origination period, cities may use the higher income limits for the duration of the origination period.
Subp. 3.
House price limits.
In addition to the house price limits in Minnesota Statutes, section 474A.061, subdivision 2a, paragraph (b), clause (3), the program's house price limits must not exceed the maximum allowed for mortgage bonds under federal tax law, including section 143(e) of the Internal Revenue Code of 1986.
If Minnesota Statutes provides for agency house price limits, house price limits may exceed the agency house price limits only if a subsidy is used to reduce the effective purchase price of the property to the above levels.
If Minnesota Statutes provides for agency house price limits and those limits are lowered during the origination period, cities may use the house price limits in effect at the time the bonds were issued for the duration of the origination period. If the agency's house price limits are raised during the origination period, cities may use the higher house price limits for the duration of the origination period.
History:
15 SR 2043; 16 SR 1913; 24 SR 1332
Published Electronically:
June 11, 2008
Official Publication of the State of Minnesota
Revisor of Statutes