ARM 8.111.503. HMF AND MHT-HMF LOAN ELIGIBLE LOAN ACTIVITIES

(1) The board may make a HMF or MHT-HMF loan for the following purposes: (a) matching funds for public or private funds available from other sources for the development of housing for low-income or moderate income households; (b) bridge financing necessary to make development of housing for low-income or moderate income households feasible; (c) acquisition of existing housing stock for the purpose of preservation of or conversion to housing for low-income or moderate income households; (d) preconstruction technical assistance as described in 90-6-134(4), MCA, for housing for low-income and moderate income households in rural areas and small municipalities; (e) acquisition of land for housing developments, land banking, and land trusts; and (f) short-term, site-based housing vouchers for needy individuals. (2) A HMF or MHT-HMF loan may not be made that will replace existing or available funding for eligible activities. (3) Both HMF loans and MHT-HMF loans are subject to the requirements in 90-6-133(1)(b), MCA, that 20% of money allocated to HMF and the MHT-HMF must be disbursed to rural areas.