Sec. 05.12.02.02. Objectives

The objectives of the Administration in its use of Financing Adjustment Factor Funds are to:

A. Finance affordable housing in conjunction with housing loan programs administered by the Department by awarding funds to local governments, nonprofit sponsors, and developers, and for-profit sponsors and developers to:

(1) Promote the development or rehabilitation of rental housing for households of very low income;

(2) Promote homeownership opportunities for households of very low income; or

(3) Facilitate nonprofit ownership of group housing for persons of very low income with special need;

B. Finance programs, projects, and activities that fill a need not met by other DHCD housing programs, but that promote the development and rehabilitation of housing for households of very low income for homeowners, renters, and special populations; and

C. Provide grants to local governments, local development corporations, local development agencies, municipalities, and nonprofit organizations for certain eligible activities.