Applicant eligibility requirements.

CFR · 2024-01-01 · US · Title 7

Applicants for off-farm labor housing loans and grants should also refer to § 3560.555, and applicants for on-farm labor housing loans should refer to § 3560.605. (a) (1) Be a U. S. citizen or qualified alien(s); a corporation; a state or local public Agency; an Indian tribe as defined in § 3560.11; or a limited liability company (LLC), nonprofit organization, consumer cooperative, trust, partnership, or limited partnership in which the principals are U.S. citizens or qualified aliens; (2) Be unable to obtain similar credit elsewhere at rates that would allow for rents within the payment ability of eligible residents; (3) Possess the legal and financial capacity to carry out the obligations required for the loan or grant; (4) Be able to maintain, manage, and operate the housing for its intended purpose and in accordance with all Agency requirements; (5) With the exception of applicants who are a nonprofit organization, housing cooperative or public body, be able to provide the borrower contribution from their own resources (this contribution must be in the form of cash, or land, or a combination thereof); (6) Have or be able to obtain a minimum of 2 percent of the total development costs for use as initial operating capital (for nonprofit organizations, cooperatives, or public bodies, this amount may be financed through Agency funds); and (7) Not be suspended, debarred, or excluded based on the “List of Parties Excluded from Federal Procurement and Nonprocurement Programs.” T

official document · source cfr-2024 · id 7:§ 3560.55