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(4) have at least 20% of the HOME -assisted units rented to very low-income families (50% of median income) under the terms and conditions set forth in 24 CFR 92.252 (2)(b); (5) demonstrate financial feasibility -- including the ability to maintain rents for the subsidized units at affordable levels for the periods specified in 24 CFR 92252; (6) be free of significant adverse environmental impacts, except those that can be mitigated through the project itself, (7) minimize tenant displacement; (8) comply with all local building and zoning codes and standards, including energy efficiency and water conservation standards, and meet housing quality standards in Section 882.109 of Title 24. Newly constructed housing must meet the current edition Model Energy Code of the Council of American Building Officials; (9) make efficient use of public funds and avoid "layering" of subsidies beyond those necessary to achieve a financially feasible project; and, (10) have at least 51% of the project space be residential, if in a mixed use project. Eligible Uses and Activities HOME funds may only be used to finance new construction or acquisition and/or rehabilitation of rental housing which is affordable to very low and low-income households as defined by 24 CFR 922. Fifteen percent (15%) of the annual HOME fund allocation shall be set aside for certified Community Housing Development Organizations (CHDO's). New construction costs eligible for HOME funding shall be as specified in 24 CFR Part 92, including: 1. site acquisition; 2. site preparation costs (grading, filling, etc.); 3. financing costs as described in 24 CFR 92206; 4. architectural, engineering, and other related soft costs; 5. the cost of extending or upgrading utilities to the site to support the proposed project; 6. construction costs; 7. relocation costs; and, 8. affirmative marketing and audit costs related to HOME program requirements. Rehabilitation costs eligible for HOME funding include: 9. project acquisition with or without rehabilitation; 10. financing costs, as described in 24 CFR 92.206; 11. architectural, engineering, or other design costs; 12. utility upgrade or extension costs; 13. costs associated with demolition (where necessary) only if rehabilitation is commenced within 12 months of demolition; 14. construction costs; 15. project audit costs; and, 16. affirmative marketing costs. Ineligible Uses and Activities The following costs are not eligible for HOME funding: Affordable Housing Funds Policies and Procedures Page 29 75B-94