261—25.6 (15) Minimum application requirements. To be considered for housing fund assistance, an application shall meet the following threshold criteria:
	 25.6(1) The application shall propose a housing activity consistent with the housing fund purpose and eligibility requirements, the state consolidated plan and any local housing plans.
	 25.6(2) The application shall document the applicant’s capacity to administer the proposed activity. Such documentation may include evidence of successful administration of prior housing activities. Documentation of the availability of certified lead professionals and contractors trained or certified in safe work practices may also be required. IDED reserves the right to deny funding to an applicant that has failed to comply with federal and state requirements in the administration of a previous project funded by IDED.
	 25.6(3) The application shall provide evidence of the need for the proposed activity, the potential impact of the proposed activity and the feasibility of the proposed activity.
	 25.6(4) The application shall demonstrate local support for the proposed activity.
	 25.6(5) The application shall show that a need for housing fund assistance exists after all other financial resources have been identified and secured for the proposed activity.
	 25.6(6) The application shall include a certification that the applicant will comply with all applicable state and federal laws and regulations.
	 25.6(7) An application for a project located in a locally designated participating jurisdiction (PJ) must show evidence of a financial commitment from the local PJ at least equal to 25 percent of the total IDED HOME funds requested. Sources of local PJ funds include one or more of the following: HOME, CDBG, TIF, tax abatement, or general funds.
	 25.6(8) An application for a home ownership activity must indicate that recipients will require the beneficiaries of their home ownership assistance to use a principal mortgage loan product offered by one of the following: Iowa Finance Authority, USDA-Rural Development, Federal Home Loan Bank, HUD (including FHA and VA), Fannie Mae, Habitat for Humanity, or Freddie Mac. One of these entities will be the principal, and only, mortgage lender in terms of repayable loans in all individual home ownership assistance projects. Any of the named mortgage lending entity’s principal mortgage loan products may be used, provided they meet the following minimum requirements: loan terms will minimally include a 90 percent loan-to-value ratio and will be no less than a 15-year, fully amortized, fixed-rate mortgage.
	 25.6(9) An application for a home ownership assistance activity must stipulate that home ownership assistance is for first-time homebuyers only.