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89 FR 53015, June 25, 2024, unless otherwise noted.
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(a) For any amount of the CMF Award used for Affordable Housing Activities, 100 percent of such Eligible Project Costs must be attributable to Affordable Housing, meaning that the Affordable Housing complies with the affordability qualifications set forth in this subpart for Eligible-Income Families. Further, as a subset of said 100 percent, greater than 50 percent of the Eligible Project Costs must be attributable to Affordable Housing that comply with the affordability qualifications set forth in this subpart for Low-Income, Very Low-Income, or Extremely Low-Income Families, or as further set forth in the applicable NOFA and/or Assistance Agreement.
(b) Affordable Housing must be Permanent Housing.
(c) All the occupants of the Affordable Housing must not be full-time students unless they are:
(1) Married students who file a joint tax return;
(2) Students who receive assistance under Title IV of the Social Security Act;
(3) Students enrolled in a job training program;
(4) Students who are single parents with children who are their dependents, as defined in IRC sec. 152;
(5) Students who previously were part of a foster care program; or
(6) Meet other criteria specified by the CDFI Fund.