ELIGIBLE USES OF LOAN FUNDS

All expenses must be reimbursable under the sources of financing proposed for the project. The following are eligible uses of loan funds: A. architectural, engineering, or related professional services required in the preparation of construction or rehabilitation plans, drawings, or write-ups; B. costs of processing and closing the financing for a project such as lender origination fees, credit reports, fees for title insurance, fees for recording and filing legal documents, attorney's fees, and appraisal fees; C. costs of contracting with a consultant and in-house staff costs related to the planning, processing, or preparation of a project proposal. Costs must be documentable, directly related to a specific project, and tied to a recoverable source of funds at closing; D. studies and analyses of housing needs related to a particular housing project, including market feasibility studies; E. earnest money or option deposits on land and buildings; F. other activities necessary to finance, design, or plan a specific housing project for low- and moderate-income residents prior to the construction or rehabilitation of the project; G. development costs including acquiring land or buildings; and H. other activities permitted by statute.