261—406.6(15,476) Eligible and ineligible costs.
	406.6(1) Eligible costs. Examples of project costs that are eligible for financial assistance include, but are not limited to:
	a. 	Real and personal property comprising a project.
	b. 	Materials and equipment required for necessary site preparation, construction and installation of a project.
	c. 	Labor for site preparation, construction and installation of a project.
	d. 	Costs associated with maintenance, operation or repair of a project during the term of the loan.
	406.6(2) Ineligible costs. Examples of project costs that are not eligible for financial assistance include, but are not limited to:
	a. 	Administrative costs or employee salaries of the borrower or any affiliates that are not associated with site preparation, construction and installation of a project.
	b. 	Costs incurred prior to the committee’s recommendation to approve a loan. Costs incurred prior to the committee’s recommendation may be eligible for assistance if the borrower demonstrates the necessity to begin incurring costs sooner.
	c. 	Feasibility studies.
	d. 	Engineering and final design.
	e. 	Permitting or regulatory costs.
	f. 	Other costs that the board determines to be ineligible.
[ARC 5994C, IAB 10/20/21, effective 9/30/21]