Md. Code Regs. 05.05.09.09 - Terms and Conditions - Amount of Capital Assistance
A. General Rule. Except as provided in §B of this regulation, total capital assistance to a project may not exceed 50 percent of the total development costs of the shelter, transitional, or other housing facility for homeless households.
B. Exceptional Rule. Capital assistance may be in an amount equal to 75 percent of the total development costs of the project if:
(1) The sponsor demonstrates to the satisfaction of the Department that all available sources of funds have been sought and insufficient funds are available to the project;
(2) The sponsor agrees in writing to serve households who upon initial occupancy in the shelter, transitional, or other housing facility for homeless households have annual incomes that do not exceed 30 percent of the area median income as determined by the Department of Housing and Urban Development and adjusted for household size; and
(3) The Department determines that the project cannot support repayment of loans offered by the Department or other public lenders.
C. Calculation of Amount.
(1) The amount of capital assistance for a project shall be determined based on an analysis of the financial feasibility of the project and the availability of resources to repay other sources of funds.
(2) Within the limitations established in §§A and B of this regulation, the capital assistance may not exceed total project costs, less the sum of other resources provided by the applicant and less the amount of any loan the Department determines the project can support without impacting the financial feasibility of the project or the capability of the sponsor to provide the services proposed in the application.
Notes
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