What are the application requirements for guarantee assistance under title VI of NAHASDA?
The application for a guarantee must include the following:
(a) An identification of each of the activities to be carried out with the guaranteed funds and a description of how each activity qualifies as an affordable housing activity as defined in section 202 of NAHASDA.
(b) A schedule for the repayment of the notes or other obligations to be guaranteed that identifies the sources of repayment, together with a statement identifying the entity that will act as the borrower.
(c) A copy of the executed loan documents, if applicable, including, but not limited to, any contract or agreement between the borrower and the lender.
(d) Certifications by the borrower that:
(1) The borrower possesses the legal authority to pledge and that it will, if approved, make the pledge of grants required by section 602(a)(2) of NAHASDA.
(2) The borrower has made efforts to obtain financing for the activities described in the application without use of the guarantee; the borrower will maintain documentation of such efforts for the term of the guarantee; and the borrower cannot complete such financing consistent with the timely execution of the program plans without such guarantee.
(3) It possesses the legal authority to borrow or issue obligations and to use the guaranteed funds in accordance with the requirements of this subpart.
(4) Its governing body has duly adopted or passed as an official act a resolution, motion, or similar official action that:
(i) Identifies the official representative of the borrower, and directs and authorizes that person to provide such additional information as may be required; and
(ii) Authorizes such official representative to issue the obligation or to execute the loan or other documents, as applicable.
(5) The borrower has complied with section 602(a) of NAHASDA.
(6) The borrower will comply with the requirements described in subpart A of this part and other applicable laws.
Title 24 published on 2012-04-01
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