| (a) To the extent funds are available, the amount of financial assistance provided by the board under this subchapter will be determined as follows: (1) if the adjusted median household income for the project area is less than or equal to 75% but greater than 60% of the median state household income, the financial assistance provided by the board will be a grant for 50% of the amount of the financial assistance requested in the application; (2) if the adjusted median household income for the project area is less than or equal to 60% but greater than 50% of the median state household income, the financial assistance provided by the board will be a grant for 75% of the amount of the financial assistance requested in the application; and (3) if the adjusted median household income for the service area is less than or equal to 50% of the median state household income, the financial assistance provided by the board will be a grant for 90% of the amount of the financial assistance requested in the application. (b) The remaining portion of the amount of the financial assistance requested in the application not provided as a grant shall be provided by a loan from another board program. The board may, in its sole discretion, waive the requirement of this subsection if, prior to closing, the following conditions are met: (1) The applicant is connecting to an existing service provider which, by connecting to the existing system, will assist the applicant in achieving compliance with state utility system regulations; (2) The existing service provider has contributed resources, in kind or direct financial assistance, to connect the applicant's utility system to the service provider; and (3) The existing service provider executes a written agreement pursuant to which the service provider agrees to assume full ownership, operation, and management of the applicant's entire utility system upon completion of the project. (c) The amount of grant funds provided to an applicant pursuant to this subchapter shall not exceed one million dollars. (d) If the applicant will be providing the remaining portion of the project costs from sources other than board programs, then the applicant shall provide evidence satisfactory to the executive administrator that the applicant has secured the additional funds prior to the release of funds provided under this subchapter. |
