ARM 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.