ELIGIBLE APPLICANTS

Subpart 1. Property interest. An applicant for a rental housing program loan for individuals must, at the time of application, possess one of the following interests in the property: A. a fee title; B. a fee title subject to a mortgage or other lien securing a debt capable of prepayment or, at the option of the agency, subordination; or C. a mutually binding contract or option for the purchase of fee title. Subp. 2. Applicant eligibility. To be eligible for selection as a recipient of a loan from a rental housing program for individuals, an applicant must be: A. a Minnesota nonprofit entity as defined in part 4900.0010 , subpart 21, including, but not limited to, a housing and redevelopment authority established under Minnesota Statutes, sections 469.001 to 469.047 ; B. a town or home rule charter or statutory city in Minnesota; C. a cooperative housing corporation as defined in part 4900.0010 , subpart 8; D. a limited dividend entity as defined in part 4900.0010 , subpart 14; or E. a for-profit entity to the extent authorized under Minnesota Statutes, section 462A.21 , subdivision 8c.