8.111.508 TANF ALLOCATION ELIGIBLE PURPOSES
(1) There are two categories of TANF allocations:
(a) a TANF allocation - home ownership; and
(b) a TANF allocation - emergency housing assistance.
(2) A TANF allocation - home ownership may be used for loans to eligible recipients:
(a) for down payment assistance;
(b) for reasonable and necessary closing costs;
(c) for the first month's payment on a first mortgage;
(d) to buy down the rate of interest charged on a first mortgage; or
(e) for any other purpose reasonably designed to assist an eligible recipient to purchase a home and which has been approved by the board.
(3) A TANF loan from a TANF allocation - home ownership is not assumable and must be repaid upon sale of the real property pledged as security for the loan.
(4) The lesser of 10% of the TANF funds available to the board or $200,000 is available for TANF allocations - emergency housing assistance. A TANF allocation - emergency housing assistance may be used to make loans to eligible recipients for:
(a) assistance in making rent payments;
(b) assistance in paying security deposits;
(c) assistance in making mortgage payments; or
(d) any other purpose reasonably designed to assist an eligible recipient to stay in their home during a time of emergency and which has been approved by the board.
History: Sec. 90-6-136, MCA; IMP, Sec. 90-6-134, MCA; NEW, 2002 MAR p. 75, Eff. 1/18/02; AMD, 2004 MAR p. 1142, Eff. 5/7/04.