§ 1807.500. Leveraged Capital; Eligible Project Costs.
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/us/cfr/t12/s§ 1807.500·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Eligible project costs. Excluding both the total amount of Direct Administrative Expenses and Feasibility Determination Expenses, each CMF Award must result in Eligible Project Costs that equals at least 10 times the amount of the CMF Award, or some higher standard established by the CDFI Fund in the Recipient's Assistance Agreement. Such Eligible Project Costs must be for Affordable Housing Activities and Economic Development Activities, as set forth in the Assistance Agreement.
(b)Leveraged capital.
(1)The applicable NOFA and/or the Assistance Agreement may set forth a required multiplier of Leveraged Capital that must be funded by private, non-governmental sources.
(2)The Recipient must report to the CDFI Fund the amount of Leveraged Capital, with the following limitations:
(i)No costs attributable to prohibited uses, as set forth in § 1807.302(a) and (b), may be reported as Leveraged Capital;
(ii)All uses of Leveraged Capital to finance and/or support Affordable Housing Activities shall comply with §§ 1807.400, 1807.401 and 1807.402, and as further described in the Assistance Agreement;
(iii)All uses of Leveraged Capital to finance and/or support Economic Development Activities shall comply with § 1807.403, and as further described in the Assistance Agreement.
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§ 1807.500
Leveraged Capital; Eligible Project Costs.
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