Sec. 10.08.04.09. Use of Funds for Acquisition and Renovation

A. If the applicant is acquiring a site with existing improvements, and the existing improvements are to be renovated for or used for an assisted living facility, the total project costs may be eligible for State participation.

B. In the circumstances outlined in §A of this regulation, at least two State-approved appraisers shall provide appraisals of the site and existing improvements to be acquired. State participation shall be limited to the lesser of the appraised value approved by the Department of General Services based upon the appraisals or the actual acquisition cost.

C. If an applicant proposes to acquire an unimproved land site on which to construct a facility, the cost of the land is not eligible for State participation.