reglab/statecodes huggingface dataset:
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.4 - Reverse Annuity Mortgage Act › Rule 8.111.402 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
As used in these rules, the following words and phrases have
				  the following meanings:
(1)
				"Appraisal" means an opinion of a qualified FHA appraiser on the nature,
				quality, and value of specific interests in identified real estate approved for
				Federal Housing Administration (FHA) purposes.
(2) "Family income" means the income of all
				adult members of the household, other than full-time students. The income is
				the amount of anticipated total income from all sources for the subsequent
				12-month period from application. This includes nontaxable income such as
				social security and municipal bond interest. Any investment or business losses
				cannot be subtracted in determining gross income. An exclusion will be allowed
				for certain defined, nonreimbursed, ongoing, medical, and independent living
				expenses.
(3) "Permanent vacation
				of the secured property" means any period when the mortgagor (or the last to
				survive) does not live in the residence for a period of 180 consecutive
				days.
(4) "FHA" means Federal
				Housing Administration.
90-6-507, MCA; IMP,
					 90-6-505,
					 90-6-506,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.4 - Reverse Annuity Mortgage Act › Rule 8.111.403 - COUNSELING REQUIREMENTS

Current through Register Vol. 13, July 5, 2024
(1) All applicants
				for reverse annuity mortgage loans must complete the required
				counseling.
(2) Information as to
				the required counseling is available by contacting the Board of Housing by mail
				at P.O. Box 200528, Helena, MT 59620-0528 or by telephone at (406) 841-2845 or
				(406) 841-2838.
AUTH:
					 90-6-507, MCA; IMP:
					 90-6-502,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.4 - Reverse Annuity Mortgage Act › Rule 8.111.404 - ELIGIBILITY REQUIREMENTS

Current through Register Vol. 13, July 5, 2024
(1) To be eligible
				for a reverse annuity mortgage loan, the applicant must do the following:
(a) successfully complete the required
				counseling (information about required counseling is available by contacting
				the Board of Housing by mail at P.O. Box 200528, Helena, MT 59620-0528 or by
				telephone at (406) 841-2845 or (406) 841-2838);
(b) submit a reverse annuity mortgage
				application package to the board;
(c) agree to allow the board to obtain a
				current FHA appraisal and title insurance policy for the property;
(d) agree to pay for all closing costs
				including, but not limited to, the appraisal, title insurance policy, document
				recording, and other closing costs;
(e) assure that the reverse annuity loan is
				in first lien position at loan closing;
(f) be at least 68 years of age or older,
				except as provided on a case-by-case basis by the Board of Housing;
(g) meet the income limits as set by the
				board;
(h) if the property is
				jointly owned, both borrowers must meet all of the conditions;
(i) if property is jointly owned, it must be
				held as joint tenants, with rights of survivorship.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.4 - Reverse Annuity Mortgage Act › Rule 8.111.405 - INCOME LIMITS AND LOAN AMOUNTS

Current through Register Vol. 13, July 5, 2024
(1) The annual
				income limits to be eligible for a reverse annuity mortgage loan shall not
				exceed 200% of the poverty level per household size as set forth by the U.S.
				Department of Health and Human Services, changing each year.
(2) A loan amount may not exceed 80% of the
				appraised value of the property. The board will set the maximum dollar amount
				of a loan which amount may be changed by the board. The minimum dollar amount
				of a loan is $15,000.
90-6-104,
					 90-6-106,
					 90-6-507, MCA; IMP,
					 90-6-104,
					 90-6-106,
					 90-6-503,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.4 - Reverse Annuity Mortgage Act › Rule 8.111.406 - REPAYMENT OF THE LOAN

Current through Register Vol. 13, July 5, 2024
(1) Repayment of
				the reverse annuity mortgage loan is not required so long as the borrower, or
				the last surviving borrower, has not permanently vacated the secured property
				and no event of default has occurred as provided in the loan
				documents.
(2) The borrower may pay
				the outstanding loan balance in full at any time without penalty.
(3) The board may include in the reverse
				annuity mortgage loan documents such terms, conditions, and requirements as are
				usual and customary in similar loan transactions and which are designed to
				protect the value of the property securing the loan or to assure repayment of
				the loan.
(4) The loan becomes due
				and payable and any remaining advances terminate upon the occurrence of any of
				the following events:
(a) the death of the
				last surviving borrower;
(b) sale
				or transfer of the property to anyone other than an original borrower;
(c) permanent vacation of the
				secured property by the borrower; or
(d) any other act or occurrence which
				constitutes an event of default under the mortgage instrument securing the
				loan.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.4 - Reverse Annuity Mortgage Act › Rule 8.111.407 - SECURITY FOR THE LOAN

Current through Register Vol. 13, July 5, 2024
(1) The property
				pledged as security for the reverse annuity mortgage will be the only source
				the board has for repayment of the loan.
90-6-507, MCA; IMP,
					 90-6-505,
					 90-6-506,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.4 - Reverse Annuity Mortgage Act › Rule 8.111.408 - INTEREST RATE

Current through Register Vol. 13, July 5, 2024
(1) The board will
				set an interest rate for the reverse annuity mortgage program, which rate may
				be changed by the board.
90-6-507, MCA; IMP,
					 90-6-505,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.4 - Reverse Annuity Mortgage Act › Rule 8.111.409 - CASH ADVANCES

Current through Register Vol. 13, July 5, 2024
(1) The board may
				disburse a portion of the loan amount as a cash advance at closing for any one
				or more of the following purposes:
(a)
				satisfaction of any liens on the property;
(b) necessary repairs to the
				property;
(c) actual loan closing
				costs, including but not limited to appraisals, title policies, recording of
				documents, and other closing costs; and
(d) other items to assist the borrower to
				continue residing in the property, including but not limited to, medical
				expenses, transportation expenses (including automobile purchase and loan
				payoff), payoff of credit card debt, and supportive and specialized care
				services.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.501 - PURPOSE OF REGULATIONS

Current through Register Vol. 13, July 5, 2024
(1) These rules are
				enacted by the board to provide explanation and guidance for loans from the
				housing Montana fund loan account authorized by
				90-6-133(2) and
				90-6-134, MCA, pursuant to the
				criteria and procedures described in ARM
				8.111.503 through
				8.111.507.
AUTH:
					 90-6-136, MCA; IMP:
					 90-6-134, MCA; [Ch. 577, Sec. 1,
					 L. 2023]
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.502 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
When used in these rules, unless the context clearly
				  requires a different meaning:
(1)
				"Application" means the Montana Board of Housing Loan Process published by the
				board, a copy of which may be obtained by contacting the board by mail at P.O.
				Box 200528, Helena, Montana 59620-0528, by telephone at (406) 841-2840, or at
				the board's web site
www.housing.mt.gov
.
(2) "Board" means the Montana Board of
				Housing created by
				2-15-1814, MCA.
(3) "Median income" means median income as
				determined by the U.S. Department of Housing and Urban Development, with
				adjustments for smaller or larger families.
(4) "HMF loan" means a loan made from the
				housing Montana fund loan account authorized by
				90-6-133(2)(a)
				and 90-6-134, MCA, and described in
				ARM 8.111.503 through
				8.111.507.
(5) "Rural area" means any area within the
				state that is not within the city limits of Billings, Bozeman, Butte, Great
				Falls, Helena, Kalispell, or Missoula.
(6) "Small city or town" means any city or
				town within the state that is not within the city limits of Billings, Bozeman,
				Butte, Great Falls, Helena, Kalispell, or Missoula.
AUTH:
					 90-6-136, MCA; IMP:
					 90-6-134, MCA; [Ch. 577, Sec. 1,
					 L. 2023]
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.503 - HMF LOAN ELIGIBLE LOAN ACTIVITIES

Current through Register Vol. 13, July 5, 2024
(1) The
				board may make an HMF loan for the following purposes:
(a) matching funds for public or private
				funds available from other sources for the development of housing for
				low-income or moderate income households;
(b) bridge financing necessary to make
				development of housing for low-income or moderate income households
				feasible;
(c) acquisition of
				existing housing stock for the purpose of preservation of or conversion to
				housing for low-income or moderate income households;
(d) preconstruction technical assistance as
				described in
				90-6-134(4), MCA,
				for housing for low-income and moderate income households in rural areas and
				small cities and towns;
(e)
				acquisition of land for housing developments, land banking, and land trusts;
				and
(f) short-term, site-based
				housing vouchers for needy individuals.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.504 - HMF LOAN APPLICANT ELIGIBILITY

Current through Register Vol. 13, July 5, 2024
(1)
				Organizations eligible for HMF loans are agencies or programs of state
				government, local governments, tribal governments, local housing authorities,
				nonprofit community or neighborhood based organizations, regional or statewide
				nonprofit housing assistance organizations, and for-profit housing
				developers.
(2) The applicant must
				document to the satisfaction of the board experience in the development or
				management of housing for low and/or moderate income households. Criteria
				considered by the board includes, but are not limited to:
(a) number of years experience in development
				or management of housing for low and/or moderate income households;
(b) number of housing developments and units
				developed or managed;
(c)
				involvement in other low and moderate income housing programs of the board,
				federal agencies and tribal and local governments; and
(d) successful completion of other housing
				development projects.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.505 - HMF LOAN APPLICATION PROCEDURES

Current through Register Vol. 13, July 5, 2024
(1) An
				application must be submitted using the board's uniform application and loan
				supplement.
(2) At the time the
				application is submitted, an applicant must also submit:
(a) a description of the efforts made by the
				applicant to coordinate the loan with other housing assistance programs
				administered by the board, the federal government, state agencies, tribal
				government, local public housing authorities, and local governments;
(b) an explanation of how the loan will not
				replace existing or available funding for the project, including a detailed
				description of the public benefit obtained from program funding, including
				construction phase funding, if applicable, compared to funding from other
				existing and available funding sources with substantially similar terms and
				conditions; and
(c) a description
				of the priority the lien of the board will have in relationship with the liens
				of other lenders on the project.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.506 - HMF LOAN TERMS AND CONDITIONS

Current through Register Vol. 13, July 5, 2024
(1) An HMF loan
				shall:
(a) provide for complete amortization
				at maturity through substantially equal monthly payments of principal and
				interest;
(b) have an amortization
				period not to exceed 40 years and a term not to exceed 30 years, both as
				approved by the board based upon the loan amount, additional project funding
				sources and obligations, and other relevant factors;
(c) bear interest at an annual rate:
(i) not less than 2% for a project that is
				for households of 30% or less of median income in the area;
(ii) not less than 3% for a project that is
				for households between 31% and 50% of median income in the area;
(iii) not less than 4% for a project that is
				for households between 51% and 80% of median income in the area;
(iv) not less than 6% for a project that is
				for households between 81% and 95% of median income in the area; and
(v) a rate blended from those rates provided
				for in (1)(c)(i), (ii), (iii), and (iv) for a project that contains units for
				different area median income household groups.
(d) be subject to a late charge of 4% of the
				monthly payment due for each monthly payment that is not made within 15 days of
				its due date; and
(e) be secured by
				a lien (perfected either by a mortgage or a trust indenture) against the real
				property benefited by the loan.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.507 - CRITERIA FOR APPROVAL OF HMF LOAN

Current through Register Vol. 13, July 5, 2024
(1) The
				board will review the following criteria in considering an application for an
				HMF loan:
(a) the applicant's experience in
				managing or developing housing for low and/or moderate income
				households;
(b) the percentage of
				the units in the project that will be available for low and/or moderate income
				households;
(c) the need for low
				and moderate income housing in the community where the project is to be
				located; and
(d) the priority to be
				given the board's lien for the HMF loan in relation to the amount of the HMF
				loan and the priority given the liens and the amount of the loans of the other
				lenders on the project.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.508 - TANF ALLOCATION ELIGIBLE PURPOSES (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 90-6-136, MCA; IMP:
					 90-6-134,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.509 - TANF ALLOCATION ELIGIBILITY (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 90-6-136, MCA; IMP:
					 90-6-134,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.510 - TANF ALLOCATION APPLICATION PROCEDURE (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 90-6-136, MCA; IMP:
					 90-6-134,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.511 - TANF LINE OF CREDIT TERMS AND CONDITIONS (REPEALED)

Current through Register Vol. 13, July 5, 2024
Sec.
					 90-6-136, MCA; IMP, Sec.
					 90-6-134,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.512 - TANF LOAN ELIGIBILITY (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 90-6-136, MCA; IMP:
					 90-6-134,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.513 - TANF LOAN TERMS AND CONDITIONS (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 90-6-136, MCA; IMP:
					 90-6-133,
					 90-6-134,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.514 - TANF LOAN APPLICATION PROCEDURES (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 90-6-136, MCA; IMP:
					 90-6-134,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.5 - Affordable Housing Revolving Loan Fund and TANF Housing Assistance Funds › Rule 8.111.515 - RESPONSIBILITIES OF TANF LOAN HOUSING ASSISTANCE ORGANIZATION (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 90-6-136 MCA; IMP:
					 90-6-134,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.6 - Low Income Housing Tax Credit › Rule 8.111.601 - PURPOSE OF REGULATIONS

Current through Register Vol. 13, July 5, 2024
(1) These rules are
				enacted by the Board of Housing to provide explanation and guidance for the
				allocation of low income housing tax credits under Section 42 of the Internal
				Revenue Code of the United States (
				26 U.S.C.
				42 ). The board has been designated as the
				agency to perform the tax credit allocation functions for the State of Montana
				pursuant to 26 U.S.C.
				42 by Executive Order No. 2-87 dated May 1,
				1987.
90-6-106, MCA; IMP,
					 90-6-104,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.6 - Low Income Housing Tax Credit › Rule 8.111.602 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
When used in these rules, unless the context clearly requires
				  a different meaning:
(1) "Board" means
				the Montana Board of Housing created by
				2-15-1814, MCA.
(2) "Project" means the low income
				residential rental building, or buildings, that are the subject of an
				application for housing credits.
(3) "QAP" means the board's "Housing Credit
				Program 2025 Qualified Allocation Plan," which sets forth the application
				process and selection criteria used by the board for evaluation and selection
				of projects to receive awards for allocation of housing credits for calendar
				year 2025. The board adopts and incorporates by reference the Housing Credit
				Program 2025 Qualified Allocation Plan, copies of which may be obtained by
				contacting the Board of Housing by mail at P.O. Box 200528, Helena, MT
				59620-0528, by telephone at (406) 841-2840, or at the board's web site
www.housing.mt.gov
.
(4) "QCP" or "Qualified contract process"
				means the board's "Qualified Contract Policy dated November 15, 2021," which
				sets forth the requirements and process that governs qualified contract
				requests by owners of housing credit projects. The board adopts and
				incorporates by reference the Qualified Contract Policy dated November 15,
				2021, copies of which may be obtained by contacting the Board of Housing by
				mail at P.O. Box 200528, Helena, MT 59620-0528, by telephone at (406) 841-2845
				or (406) 841-2838, or at the board's web site
www.housing.mt.gov
.
(5) "Tax credit" or "housing credit" means
				the federal low income housing tax credit for owners of qualifying rental
				housing which meets certain low income occupancy and rent limitation
				requirements pursuant to 26
				U.S.C. 42.
AUTH:
					 90-6-106, MCA; IMP:
					 90-6-104,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.6 - Low Income Housing Tax Credit › Rule 8.111.603 - HOUSING CREDIT ALLOCATION PROCEDURE

Current through Register Vol. 13, July 5, 2024
(1)
				The board's processes, criteria, and related procedures and requirements
				applicable to application, evaluation, and selection of projects for allocation
				of housing credits and for housing credit compliance are set forth in the
				QAP.
(2) Copies of applications and
				other information submitted to the board in connection with applications are
				available to other applicants for housing credit projects and members of the
				public to the extent provided and according to the procedures specified in the
				board's information request and release policy, available on the Department of
				Commerce web site at
https://commerce.mt.gov/
.
(3) At one or more regularly scheduled board
				meetings each year, as specified in or otherwise designated according to the
				QAP, the board will hear public comment and consider award of housing credit
				allocations in accordance with the QAP. The award of housing credit allocations
				is not a contested case and the award meeting is not a contested case hearing
				under Title 2, chapter 4, part 6, MCA.
AUTH:
					 90-6-106, MCA;
					 IMP:
					 90-6-104,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.7 - Montana Veterans' Home Loan Act › Rule 8.111.701 - PURPOSE AND OBJECTIVE

Current through Register Vol. 13, July 5, 2024
(1) These rules are
				adopted to implement the Montana Veterans' Home Loan Act, Title 90, chapter 6,
				sections 1 through 6, MCA. These rules provide explanation and guidance to loan
				applicants and participating lenders and servicers.
90-6-104,
					 90-6-106, MCA; IMP,
					 90-6-104,
					 90-6-106,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.7 - Montana Veterans' Home Loan Act › Rule 8.111.702 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
As used in these rules, the following words and phrases have
				  the following meanings:
(1) "Act"
				means the Montana Veterans' Home Loan Act, Title 90, chapter 6 sections 1
				through 6, MCA.
(2) "Board" means
				the Montana Board of Housing established under
				2-15-1814, MCA.
(3) "Deceased eligible veteran" means an
				eligible veteran who was killed in the line of duty while in military
				service.
(4) "Eligible veteran"
				means an individual who is in military service or has been in military service
				and was discharged under honorable conditions.
(5) "First time home buyer" means an
				individual who has not previously owned an interest in real property occupied
				by the individual as their primary residence. An applicant must provide proof
				of first time home buyer status satisfactory to the board.
(6) "Guide" means the board's Mortgage
				Purchase and Servicing Guide referenced in ARM
				8.111.305.
(7) "Honorable conditions" means a discharge
				or separation from service characterized by the applicable military authority
				as under honorable conditions. The term includes honorable discharge and
				general discharge, but does not include a dishonorable discharge or other
				administrative discharge characterized by military regulation as other than
				honorable.
(8) "Montana Resident"
				means an individual who has established and maintains a permanent place of
				abode within the state of Montana and has not established residence elsewhere
				although the individual may be temporarily absent from the state. An applicant
				must provide proof of Montana residence satisfactory to the board.
(9) "Program" means the Montana Veterans'
				Home Loan Program established by the Act and administered by the board pursuant
				to these rules.
(10) "Property"
				means the residential real property purchased or to be purchased with a
				veteran's loan.
(11) "Military
				Service" means:
(a) Membership in the Montana
				National Guard;
(b) Membership in
				the federal reserve forces of the armed forces of the United States pursuant to
				Title 10 of the U.S. Code; or
(c)
				Service on federal active duty pursuant to Title 10 of the U.S. Code.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.7 - Montana Veterans' Home Loan Act › Rule 8.111.703 - APPLICANT ELIGIBILITY REQUIREMENTS

Current through Register Vol. 13, July 5, 2024
(1) To
				qualify for a veteran's loan, an applicant must:
(a) be a Montana resident;
(b) be an eligible veteran or a deceased
				eligible veteran's surviving spouse who is not and has not remarried since the
				death of the deceased eligible veteran;
(c) be a first time home buyer; and
(d) have successfully completed a homebuyer
				education class approved by the board.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.7 - Montana Veterans' Home Loan Act › Rule 8.111.704 - APPLICATION PROCEDURES

Current through Register Vol. 13, July 5, 2024
(1) Application for
				a veteran's loan must be made using the same process established by the board
				for regular bond program loans, as specified in the guide.
(2) In addition to other documents required
				by the guide, the application materials submitted to the participating lender
				must include:
(a) a completed application on
				an application form approved by the board; and
(b) satisfactory proof of eligibility under
				ARM 8.111.703.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.7 - Montana Veterans' Home Loan Act › Rule 8.111.705 - LENDER AND SERVICER REQUIREMENTS AND LIMITS

Current through Register Vol. 13, July 5, 2024
(1) The program
				will be governed by and subject to the Act and these rules.
(2) Veteran's loans shall be originated and
				serviced using the processes established for the board's regular bond program
				loans, as specified in the guide, subject to the following:
(a) where the provisions of the guide are
				inconsistent with the Act or these rules, the provisions of the Act or these
				rules shall govern;
(b) terms
				defined in the Act or these rules shall have the meaning provided in the Act or
				these rules where used in the guide; and
(c) the sections of the guide pertaining to
				requirements of the Internal Revenue Service and the bond indentures, as more
				specifically identified in the guide, shall not apply for purposes of the
				veteran's loan program.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.7 - Montana Veterans' Home Loan Act › Rule 8.111.706 - QUALIFYING PROPERTY

Current through Register Vol. 13, July 5, 2024
(1) The property to
				be purchased with a veteran's loan must be:
(a) located in the state of
				Montana;
(b) actually occupied by
				the borrower as the borrower's primary residence;
(c) if manufactured housing, de-titled and
				fixed to a permanent foundation.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.8 - Coal Trust Multifamily Homes (CTMH) Program › Rule 8.111.801 - PURPOSE OF REGULATIONS

Current through Register Vol. 13, July 5, 2024
(1) These rules are
				enacted by the board to provide explanation and guidance for loans from the
				coal trust account authorized by
				17-6-308(6),
				MCA, and Title 90, chapter 6, part 1, MCA, pursuant to the criteria and
				procedures described in ARM 8.111.801 through 8.111.807.
AUTH: HB 16 of the 2019 Legislative session IMP: HB 16 of
					 the 2019 Legislative session
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.8 - Coal Trust Multifamily Homes (CTMH) Program › Rule 8.111.802 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
When used in these rules, unless the context clearly
				  requires a different meaning:
(1)
				"Application" means the Montana Board of Housing Loan Process published by the
				board, a copy of which may be obtained by contacting the board by mail at P.O.
				Box 200528, Helena, Montana 59620-0528, by telephone at (406) 841-2840, or at
				the board's web site
www.housing.mt.gov
.
(2) "Board" means the Montana Board of
				Housing created by
				2-15-1814, MCA.
(3) "CTMH" means the Coal Trust Multifamily
				Homes program authorized by
				17-6-308(6), MCA,
				and Title 90, chapter 6, part 1, MCA.
(4) "Low-income" means households whose
				incomes do not exceed 80% of the median income in the area as determined by the
				US Department of Housing and Urban Development with adjustments for smaller and
				larger families.
(5)
				"Moderate-income" means households whose incomes are between 81% and 95% of the
				median income for the area as determined by the US Department of Housing and
				Urban Development with adjustments for smaller and larger families.
(6) "Multifamily rental housing project"
				means a project that is two or more rental units.
(7) "Total development cost" means all costs
				shown in the application on the Uses of Funds line "Total Projects Costs
				without Grant Admin." Total project cost does not include grant administration
				costs.
AUTH:
					 90-6-136, MCA; [Ch. 774, Sections
					 16 and 17, L. 2023]; IMP:
					 17-6-308,
					 90-6-137,
					 MCA
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.8 - Coal Trust Multifamily Homes (CTMH) Program › Rule 8.111.803 - CTMH LOAN ELIGIBLE LOAN ACTIVITIES

Current through Register Vol. 13, July 5, 2024
(1) The
				board may make a CTMH loan for the development and preservation of multifamily
				rental housing projects that provide housing for low-income or moderate-income
				households and for the following purposes:
(a) development and construction of
				multifamily rental housing projects;
(b) acquisition and/or rehabilitation of
				existing multifamily rental housing projects for the purpose of preservation of
				or conversion to housing for low-income or moderate-income
				households;
(c) acquisition of land
				for multifamily rental housing projects including land trusts and for mobile or
				manufactured homes;
(d) development
				or preservation of mobile home parks as defined in
				70-33-103, MCA; or
(e) other purposes authorized in
				90-6-137, MCA, which the board
				determines are consistent with CTMH loan program objectives, requirements, and
				which provide sufficient assurances of repayment of coal trust funds.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.8 - Coal Trust Multifamily Homes (CTMH) Program › Rule 8.111.804 - CTMH LOAN APPLICANT ELIGIBILITY

Current through Register Vol. 13, July 5, 2024
(1)
				Organizations eligible for CTMH loans are agencies or programs of state
				government, local governments, tribal governments, local housing authorities,
				nonprofit community or neighborhood based organizations, regional or statewide
				nonprofit housing assistance organizations, and for-profit housing
				developers.
AUTH:
					 90-6-136, MCA; IMP:
					 17-6-308,
					 90-6-137, MCA; [Ch. 774, Sections
					 16 and 17, L. 2023]
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.8 - Coal Trust Multifamily Homes (CTMH) Program › Rule 8.111.805 - CTMH LOAN APPLICATION PROCEDURES

Current through Register Vol. 13, July 5, 2024
(1) An
				application must be submitted.
(2)
				At the time the application is submitted, an applicant must also submit:
(a) a description of the efforts made by the
				applicant to coordinate the loan with other housing assistance programs
				administered by the board, the federal government, state agencies, tribal
				government, local public housing authorities, local governments, and private
				entities;
(b) an explanation of how
				the loan will not replace existing or available funding for the project,
				including a detailed description of the public benefit obtained from program
				funding, including construction phase funding, if applicable, compared to
				funding from other existing and available funding sources with substantially
				similar terms and conditions; and
(c) for mobile home park projects,
				documentation of lot rents for comparable mobile home parks in the market area
				and an explanation demonstrating that proposed lot rents will be reasonable and
				affordable for prospective residents.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.8 - Coal Trust Multifamily Homes (CTMH) Program › Rule 8.111.806 - CTMH LOAN TERMS AND CONDITIONS

Current through Register Vol. 13, July 5, 2024
(1) A CTMH loan
				shall:
(a) provide for complete amortization
				at maturity through substantially equal monthly payments of principal and
				interest;
(b) have an amortization
				period not to exceed 40 years and a term not to exceed 30 years, both as
				approved by the board based upon the loan amount, additional project funding
				sources and obligations, and other relevant factors;
(c) be subject to a late charge of 4% of the
				monthly payment due for each monthly payment that is not made within 15 days of
				its due date;
(d) be secured by a
				first priority mortgage or trust indenture on the project property;
				and
(e) not exceed 95% of total
				development cost.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.8 - Coal Trust Multifamily Homes (CTMH) Program › Rule 8.111.807 - CRITERIA FOR APPROVAL OF CTMH LOAN

Current through Register Vol. 13, July 5, 2024
(1) The
				board will review the following criteria in considering an application for an
				CTMH loan:
(a) the applicant's experience in
				managing or developing housing for low-income and/or moderate-income
				households;
(b) the percentage of
				the units in the project that will be available for low-income or
				moderate-income households;
(c) the
				need for low-income and moderate-income housing in the community where the
				project is to be located;
(d)
				project location;
(e) the loan
				size and whether it maximizes the geographical distribution of the loan
				program; and
(f) the use of other
				funds to leverage the use of CTMH funds.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.111 - BOARD OF HOUSING › Subchapter 8.111.9 - Emergency Shelter Facility Grant (ESFG) Program › Rule 8.111.901 - INCORPORATION BY REFERENCE OF RULES FOR THE ADMINISTRATION OF THE EMERGENCY SHELTER FACILITY GRANT (ESFG) PROGRAM

Current through Register Vol. 13, July 5, 2024
(1) The
				Department of Commerce adopts and incorporates by reference the Application
				Guidelines for the Emergency Shelter Facility Grant (ESFG) Program.
(2) The rules incorporated by reference in
				(1) relate to the scope, standards, and procedures for eligibility,
				application, award, administration, compliance monitoring, and related
				requirements for grants to nonprofit corporations that provide emergency
				shelter for the homeless.
(3)
				Copies of the regulations adopted by reference in (1) may be obtained from the
				Department of Commerce, Montana Housing Division, 301 South Park Avenue, P.O.
				Box 200528, Helena, Montana 59620-0528, or on the web site at
https://housing.mt.gov/
.
AUTH: [Ch. 763, Section 17, L. 2023]; IMP: [Ch. 763,
					 Sections 17 through 24, L. 2023]
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.1 - Acquisition Rules › Rule 8.112.101 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
The following definitions shall be used in these rules,
				  unless context clearly indicates otherwise.
(1) "Acquisition" means the purchase by the
				commission, or any other conveyance, transfer, assignment, gift or devise to
				the commission of a fee title interest in property. The term acquisition does
				not include property that is on loan from a person or entity.
(2) "Bovey assets" means the inventory
				prepared at the time of purchase generally known as the Gordon
				inventory.
(3) "Commission" means
				the Montana Heritage and Preservation Development Commission as created by
				22-3-1002, MCA.
(4) "Fee title interest" means a fee simple
				or lesser estate or interest.
(5)
				"Property" means real and personal property, unless otherwise specifically
				indicated.
(6) "Personal Property
				Sales Committee" means the committee charged with reviewing and recommending
				the sale of personal property to the commission. Membership of the Personal
				Property Sales Committee shall include an equal number of members of the
				Montana Historical Society Board of Trustees and commission members.
22-3-1003, MCA; IMP,
					 22-3-1003,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.1 - Acquisition Rules › Rule 8.112.102 - ACQUISITION PROCEDURE

Current through Register Vol. 13, July 5, 2024
(1) With respect to
				each acquisition, the commission must consider:
(a) whether the property represents the
				state's culture and history;
(b)
				whether the property can become self-supporting;
(c) whether the property can contribute to
				the economic and social enrichment of the state;
(d) whether the property lends itself to
				programs to interpret Montana history;
(e) whether the acquisition will create
				significant social and economic impacts to affected local governments and the
				state; and
(f) other matters that
				the commission considers necessary and appropriate.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.1 - Acquisition Rules › Rule 8.112.105 - UNCONDITIONAL CONVEYANCE

Current through Register Vol. 13, July 5, 2024
(1) All
				acquisitions conveyed, sold, granted or devised must be made unconditionally to
				the commission.
22-3-1003, MCA; IMP,
					 22-3-1003,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.1 - Acquisition Rules › Rule 8.112.106 - HISTORIC AND CULTURAL CONSIDERATIONS

Current through Register Vol. 13, July 5, 2024
(1) In
				assessing whether the property represents the state's culture and history, and
				whether the property lends itself to programs to interpret Montana history, the
				commission may consider the quality of the significance of the property in
				Montana history including, but not limited to, the property's authenticity and
				integrity of location, design, setting, materials, and workmanship; its age;
				and its aesthetic or historic sense of place or period of time. The commission
				may also consider whether the property:
(a) is
				associated with events that have made a significant contribution to Montana
				history and prehistory;
(b) is
				associated with the lives of a person or persons who were significant in
				Montana history;
(c) embodies
				distinctive characteristics of a type, period, or method of construction
				representing an event, way of life, groups of persons, or trends in Montana
				history; or
(d) has yielded or is
				likely to yield information important to Montana history or
				prehistory.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.1 - Acquisition Rules › Rule 8.112.109 - THE PROPERTY AS SELF-SUPPORTING

Current through Register Vol. 13, July 5, 2024
(1) In
				assessing whether the property is self-supporting, the commission may consider:
(a) the location of the property and its
				proximity to population centers, to other areas of historical and popular
				interest, and to standard tourist routes;
(b) the difficulty or ease in access to the
				property;
(c) the likelihood of
				individual, corporate or other financial support;
(d) the estimated cost of restoration,
				rehabilitation or maintenance of the property;
(e) the degree of popular and educational
				interest in the property; and
(f)
				the current and projected revenues and expenses associated with the
				property.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.1 - Acquisition Rules › Rule 8.112.110 - EDUCATIONAL RESOURCE

Current through Register Vol. 13, July 5, 2024
(1) The commission
				may consider whether the property is an educational resource for the study and
				interpretation of Montana history.
22-3-1003, MCA; IMP,
					 22-3-1003,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.1 - Acquisition Rules › Rule 8.112.113 - NONHISTORIC PROPERTIES

Current through Register Vol. 13, July 5, 2024
(1) These rules do
				not apply to non-historic properties or property interests sold, leased,
				granted or otherwise transferred or conveyed to the commission. Property
				excluded from the procedures in these rules includes real or personal property
				that is used in the administration and management of historic properties
				including, but not limited to, office space and equipment, recently constructed
				buildings for the housing and display of artifacts, and other property
				purchased or constructed by the commission which does not fall within the type
				of properties described in
				22-3-1001, MCA.
22-3-1003, MCA; IMP,
					 22-3-1003,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.2 - Sale Rules › Rule 8.112.201 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
The following definitions shall be used in these rules,
				  unless context clearly indicates otherwise:
(1) "Commission" means the Montana Heritage
				Preservation and Development Commission as created by
				22-3-1001, et seq., MCA.
(2) "Covenant" means a restriction on the use
				of real property that runs with the land.
(3) "Executive Committee" means the committee
				appointed by the commission chair.
(4) "Fee title interest" means a fee simple
				estate or interest.
(5) "Personal
				property" means all property that is not real property.
(6) "Property" means real and/or personal
				property, unless otherwise specifically indicated.
(7) "Real property" or "real estate" means
				land, any thing incidental or appurtenant thereto, and any immovable
				improvements or fixtures attached or affixed to the land, including but not
				limited to fences, trees, buildings, and stationary mobile homes.
(8) "Sale" means the transfer of ownership of
				property acquired or managed by the commission, or any other conveyance,
				transfer, assignment, or devise from the applicable state agency of a fee title
				interest in property acquired or managed by the commission. Sale does not
				include property that is on loan to a person or entity.
22-3-1003, MCA; IMP,
					 22-3-1003,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.2 - Sale Rules › Rule 8.112.202 - SALE CRITERIA

Current through Register Vol. 13, July 5, 2024
(1) The following
				criteria shall receive careful consideration by the commission in evaluating
				property for proposed sale:
(a) whether the
				property represents the state's culture and history;
(b) whether the property can become
				self-supporting;
(c) whether the
				property can contribute to the economic and social enrichment of the
				state;
(d) whether the property
				lends itself to programs to interpret Montana history;
(e) whether the sale will create significant
				social and economic impacts to affected local governments and the
				state;
(f) whether the sale is
				supported by the Director of the Montana Historical Society;
(g) whether the commission should include any
				preservation covenants in a proposed sale agreement for real
				property;
(h) whether the
				commission should incorporate any design review ordinances established by
				Virginia City or any other community where the commission owns property into a
				proposed sale agreement for real property;
(i) whether the property lends itself to
				curation by another entity; and
(j)
				other matters that the commission considers necessary or appropriate.
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.2 - Sale Rules › Rule 8.112.205 - PUBLIC NOTICE PRIOR TO DECISION TO SELL PROPERTY

Current through Register Vol. 13, July 5, 2024
(1) For those properties approved to proceed
				to the commission for consideration in accordance with these rules, an
				opportunity will be provided for the public to comment. A date, time, and
				location will be established for a public hearing in the geographic area of the
				proposed sale.
22-3-1003, MCA; IMP,
					 22-3-1003,
					 MCA;
Administrative Rules of Montana › Department 8 - COMMERCE › Chapter 8.112 - MONTANA HERITAGE PRESERVATION AND DEVELOPMENT COMMISSION › Subchapter 8.112.2 - Sale Rules › Rule 8.112.206 - SALE PROCEDURES - REAL PROPERTY

Current through Register Vol. 13, July 5, 2024
(1) The
				commission shall prepare a report that addresses the criteria established in
				ARM 8.112.202. Following review of the
				information in the report, the commission may vote to proceed to a public
				hearing for additional comment on the proposed sale. Following a public hearing
				on the proposed sale, the commission may recommend to the Land Board that a
				parcel or parcels of real property be sold.
22-3-1003,
					 MCA;