Sec. 05.05.05.10. Special Projects—MPDUs

A. MPDU projects that are constructed or rehabilitated by third parties and then sold to a local government or local government entity under a local regulatory land use program shall be eligible for financing under the Program, provided that the following requirements are satisfied, instead of the requirements set forth in Regulations .04 and .07A and C of this chapter:

(1) The local government or local government entity is or will be the legal or equitable owner of the project not later than the time that capital assistance funds are disbursed; and

(2) The amount of financing provided by the Program to the project does not exceed the amount of the acquisition cost of the completed project, less the sum of:

(a) The market value of the land on which the project is located as set forth in or determined from the most recent tax assessment; and

(b) Any additional contribution from the local government as may be required in accordance with Regulation .17 of this chapter.

B. The Department may impose additional requirements pertinent to any unique factors of MPDU projects.