§369.201. Applications

 

a)         Eligibility.  An Owner of a Qualified Development is eligible to apply for a Grant only if it has received or is simultaneously receiving an Allocation.

 

b)         Process.  An Owner of a Qualified Development may submit an application for a Grant as part of its application for a 9% LIHTC competitive Allocation or a 4% LIHTC rolling Allocation.  In the application, the Owner must include the reason for its application and certification (in form and content prescribed by the Authority) that the Qualified Development is eligible for a Grant under the provisions of the Affordable Housing Grant Act due to a funding gap in its financing structure.  Authority Staff shall consider each application in terms of the certified eligibility criteria as evidenced by a certification submitted by an Owner attesting to the applicable Prioritization Areas creating a need for a Grant and the need to make a Qualified Development financially feasible (as set out more specifically in Subpart C).  In the event that a funding gap is not identified at the time of LIHTC Allocation, an Owner may make an application after Allocation, under the same terms and subject to the same review as applications received as part of the Owner's original Allocation application.