ELIGIBLE USES OF FUNDS

Subpart 1. Generally. The agency shall award loans or grants under the challenge program for the purposes specified in Minnesota Statutes, section 462A.33 , subdivision 1. Subp. 2. Permitted uses. Challenge program funds may be used for the following purposes: A. acquisition of land or existing structures; B. construction of housing; C. rehabilitation of housing; D. conversion to housing from another use; E. demolition or removal of existing structures according to Minnesota Statutes, section 462A.33 , subdivision 1, paragraph (c); F. provision of interim financing for owner-occupied housing; G. provision of construction financing for rental housing; H. provision of permanent financing; I. reduction of interest rates for owner-occupied housing; J. refinancing of existing loans; or K. provision of financing to fill a funding gap, as provided in Minnesota Statutes, section 462A.33 , subdivision 1, paragraph (a).