Sec. 05.05.05.02. Objective

A. The objective of the Program is to provide financing for all or a portion of the development costs of rental housing that will be occupied by households of lower income and is either:

(1) Owned, or to be owned, by local governments, or local government entities, for which the applicable local government provides a site or funds to acquire a site and any necessary off-site improvements; or

(2) Owned by private sector entities and is occupied by households of lower income that include one or more individuals with disabilities or special needs.

B. The Program intends to provide financing to projects that:

(1) Will be financially self-sufficient so that they do not require further State, local, or federal governmental funding for maintenance, renovation, or operating subsidies, other than as anticipated at the time the Program financing is provided; and

(2) Can be maintained economically as rental housing for households of lower income in perpetuity if the sponsor so wishes.

C. Projects financed by the Program are intended to provide rental housing to households with income, assets, or other resources sufficient to pay rent in amounts necessary to maintain the financial self-sufficiency of the project.