Laserfiche WebLink
capitalize this program and proposed projects must <br /> meet one of three objectives: <br /> • Benefit to low-and-moderate income <br /> persons; <br /> • Elimination of slum and blight conditions; <br /> or <br /> • Elimination of an urgent threat to public <br /> health or safety. <br /> In addition,proposed project activities must be <br /> eligible for funding,project need must be <br /> documented, and the general public must be <br /> involved in the application preparation. <br /> State program rules subdivide grant funds into <br /> three general categories: <br /> 1. Housing Grants. Small Cities <br /> Development Program(SCDP)funds are <br /> granted to a local government which, in <br /> turn, loans funds for the purpose of <br /> rehabilitating local housing stock. Loans <br /> may be used for owner-occupied, rental, <br /> single-family or multiple family housing <br /> rehabilitation. Loan agreements may allow <br /> for deferred payments or immediate <br /> monthly payments. Interest rates may <br /> vary, and loan repayments are retained by <br /> grantees for the purpose of making <br /> additional rehabilitation loans. SCDP <br /> funds may also be used to assist new <br /> housing construction projects. Funds may <br /> also be used for land acquisition, site <br /> improvements, infrastructure or housing <br /> City of Pequot Lakes Infrastructure Funding 7 <br />