Regulation .05 Eligible Uses.
Regulation .05 Eligible Uses.LinkCopy Citation
A.
Financial assistance may be used for:
(1)
Loans for project development costs including, but not limited to:
(a)
The acquisition of land, structures, equipment, or furnishings which are or will be a part of a project;
(b)
Reasonable fees, as determined by the Program, for architectural, engineering, legal, or other special services;
(c)
Preparation of title binders, surveys, plans, and specifications as approved by the program;
(d)
Special studies such as:
(i)
Market and feasibility studies,
(ii)
Property appraisals,
(iii)
Test borings, and
(iv)
Other studies acceptable to the Department;
(e)
Site preparation and extension of utilities on-site;
(f)
Cost of labor and materials for new construction or rehabilitation or installation of improvements as set forth in approved plans and specifications for a project;
(g)
Acquisition of machinery and equipment necessary to the operation of a commercial/industrial enterprise as set forth in approved plans and specifications;
(h)
Indemnity and surety bonds;
(i)
Premiums on hazard, liability, title, and mortgage insurance;
(j)
Necessary fees, licenses, and permits related to construction, project review, and approval;
(k)
Payment and performance bonds;
(l)
Other direct project costs and fees acceptable to the Department;
(2)
Assurances, guarantees, loan guarantees, or other credit enhancement;
(3)
Buy-down of the rate of interest payable on a loan or a portion of a loan made by a third party;
(4)
Prepayment of interest on a loan or portion of a loan.
B.
The Fund may be used to pay the expenses of the Program.