Specifications include, but are not limited to: House Bill 3395 (2023) directs Agency to award a Grant to one or more nonprofit Community Development Financial Institutions to establish a Construction Loan Guarantee fund. The successful Applicant(s) will be expected to establish, implement, and administer a Construction Loan Guarantee program that aligns with this bill as well as any Agency requirements, specifically: • Loans being guaranteed must be construction loans and must be restricted to Lowor Moderate-Income households (up to 120% AMI); • The Fund must be maintained in its own separate account; • Interest earned from the Fund may only be used for the activities of this Grant; • Loans being guaranteed may not exceed five-year terms; • Loans being guaranteed must emphasize feasibility, longevity, and productivity; and • The successful Applicant must prioritize loans to small, rural, and culturally specific organizations.
