Section 369.301  Maximum Grant Amount

a)         Establishing Amount. The maximum grant amount available for any Qualified Development shall be 35% of Total Development Costs.

b)         Grant Increase. After the Authority has made a Grant for a Qualified Development, nothing contained in this Section shall prohibit the Authority from increasing the amount of the Grant in excess of the limitations specified in subsection (a) if the owner applies for additional funds and the Authority, in its sole discretion, determines that the increase is necessary to maintain the financial stability or economic viability of the Qualified Development.  In deciding whether to approve a Grant increase, the Authority shall consider, among other things, increases in construction costs before or during construction/rehabilitation, the physical condition of the Qualified Development, the value of the Qualified Development, the financial status of the Qualified Development, and any other relevant factors under the Affordable Housing Grant Act.