Eligibility for Guarantees
(1)The Department may provide guarantees for the partial repayment of loans made by lenders to finance the construction, development, acquisition, and/or rehabilitation of, and/or for the partial repayment of leases made by sponsors or leasing companies to facilitate the equipping, development or operation of:
(a)Suitable housing for low and/or very-low income persons and households including, but not limited to, suitable housing for disabled persons, farmworkers, and suitable transitional housing for ex-offenders;
(b)The commercial component of a structure that contains both commercial property and suitable housing for low and/or very-low income individuals and households; or
(c)Both (a) and (b).
(2)The Department may not:
(a)Issue any loan guarantee under this division that guarantees the repayment of more than 25 percent of any qualifying loan obligation;
(b)Issue any loan or lease guarantee under this division equal to or in excess of $100,000 without obtaining the prior approval of the Housing Stability Council;
(c)Issue any single loan or lease guarantee under this division in excess of $1,000,000;
(d)Issue loan and lease guarantees under this division in an aggregate outstanding amount in excess of $4,000,000; and
(3)The Department may choose at any time not to maximize its loan and/or lease guarantee authority under this division.
Rule 813-350-0030 — Eligibility for Guarantees,