8.111.803    CTMH LOAN ELIGIBLE LOAN ACTIVITIES

(1) The board may make a CTMH loan to meet the basic housing needs of low-income or moderate-income households and for the following purposes:

(a) development of multifamily rental housing projects;

(b) acquisition and/or rehabilitation of existing multifamily rental housing projects for the purpose of preservation of or conversion to housing for low-income or moderate-income households; or

(c) acquisition of land for multifamily rental housing projects including land trusts and for mobile or manufactured homes.

(2) Property funded with a CTMH is subject to property taxes.

 

History: Ch. 460, Sec. 1, L. 2019; IMP, Ch. 460, Sec. 1, L. 2019; NEW, 2019 MAR p. 1631, Eff. 9/21/19.