Code of Maine Rules › 99 - INDEPENDENT AGENCIES › 346 - MAINE STATE HOUSING AUTHORITY › Chapter 29 - MULTI-FAMILY MORTGAGE LOANS › Section 346-29-7 - Eligible Applicants

Current through 2024-29, July 17, 2024
To be eligible for funding, Applicants must satisfy the
				  following:
A.
Creditworthiness
. Applicants must demonstrate credit worthiness
				and repayment ability acceptable to MaineHousing. MaineHousing may
				independently verify credit information.
B.
Funding Source Restrictions
.
				Applicants must satisfy any criteria for qualification for receipt of funding
				attached by law or regulation to the funds the Applicant seeks.
C.
Program Qualifications
.
				Developments must meet the objectives of the Program under which they are
				applying as set forth in the applicable Program Guide.
D.
Outstanding or Prior
				Defaults
. MaineHousing will not consider the application of an Applicant
				if the Applicant, or any other entity in which the Applicant or one of its
				affiliates has a controlling interest, (i) at any time during the previous 6
				months, (a) has been more than 60 days delinquent on MaineHousing financing, or
				(b) has been issued a notice of default; or (ii) is otherwise disqualified as
				described in the Program Guide.
E.
Debarment
. An Applicant or member of a Development Team may not
				participate in Programs governed by this rule if the Applicant or Development
				Team member (i) is debarred, suspended, or voluntary excluded from any federal
				program; (ii) has ever had a professional license to provide the nature of
				services the party seeks to provide in the Development suspended or revoked; or
				(iii) is debarred, suspended, or voluntarily excluded from MaineHousing
				Programs.
F.
Debt
				Concentration
. If the Applicant and its affiliates have, or would have
				after the additional loan, loans outstanding from MaineHousing's General
				Mortgage Purchase Bond Resolution in an amount equal to or greater than 25% of
				the Mortgage Purchase Program Fund Balance, additional review will be triggered
				which will include an analysis of the Applicant and its affiliates as a whole
				and consultation with the Commissioners, and may result in denial of the loan
				by the Director.
G.
Supportive Housing Project Concentration
. If the Applicant and its
				affiliated entities own, or would own after the additional financing, greater
				than 25% of the housing units or projects for Low-income Persons with
				Supportive Service Needs financed by MaineHousing, additional review will be
				triggered which will include an analysis of the Applicant and its affiliates as
				a whole and consultation with the Commissioners, and may result in denial of
				the financing by the Director.
H.
Conflict of Interest
. Applicants shall disclose their current and
				recent financial, business, professional, and family relationships and
				associations with any MaineHousing employee or commissioner and comply with any
				restrictions imposed by MaineHousing on account of conflict of interest
				concerns.
I.
Identity of
				interest
. Applicants shall disclose the nature of the relationship
				between them and any of their principals, proposed sellers, contractors,
				suppliers, and service providers. MaineHousing may, at its discretion, impose
				restrictions, or require independent appraisals, or other third party
				verifications on account of identity of interest concerns.