4900.0680 Repayment


Published: 2015

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4900.0680 REPAYMENT.


§
Subpart 1.

Grant.

The recipient of a grant and all individuals who signed the application for such grant shall enter into an agreement with the agency for repayment, which shall provide that in the event the property upon which the improvement is located is sold, transferred, or otherwise conveyed, or ceases to be the recipient's principal place of residence within six years from the date upon which the grant application was approved, then the recipient shall repay, and the agency shall have a lien as security for repayment of, all or a portion of such grant funds in accordance with the following schedule:


Period of Time Within Which Sale, Transfer,
Conveyance, or Cessation of Residency Occurs
Percent Repayment





Prior to end of 36th full month
100%





After end of 36th full month until end of 48th full month
75%





After end of 48th full month until end of 60th full month
50%





After end of 60th full month until end of 72nd full month
25%





After end of 72nd full month
No Repayment


If any grant funds are used for purposes other than an eligible improvement upon eligible property or if the recipient's application is found to contain a material misstatement of fact the recipient shall be liable for repayment of the grant.


§
Subp. 2.

Deferred payment loan.

The recipient of a deferred payment loan and all individuals who signed the application for such loan shall enter into an agreement with the agency for repayment, which shall provide that in the event the property upon which the improvement is located is sold, transferred, or otherwise conveyed, or ceases to be the recipient's principal place of residence within ten years from the date upon which the grant application was approved, then the recipient shall repay and the agency shall have a lien as security for repayment of all of such loan. If any loan funds are used for purposes other than an eligible improvement upon eligible property or if the recipient's application is found to contain a material misstatement of fact the recipient shall be liable for repayment of the loan.