| (a) An applicant is eligible for an investment from
the Department if, at minimum, it:
(1) Demonstrates its ability to administer and mobilize
RED C4T funds to meet program objectives;
(2) Demonstrates it has sufficient funds to adequately
leverage a RED C4T investment according to the Agreement and the program's
Policy and Procedures;
(3) Is a legal entity formed, existing and in good
standing under the laws of the United States of America and the State;
(4) Meets eligibility requirements defined in this
subchapter and the solicitation document issued by the Department;
and
(5) Is legally authorized to do business in this State
and has a principal place of business in the State.
(b) Eligible expenditures. The proceeds of the RED
C4T investment provided by the Department may be used only to finance
loans and/or grants that meet the requirements set forth in this subchapter,
the program's Policy and Procedures, and the Agreement signed by the
Department and Recipient. All RED C4T loans and grants shall be approved
by the Department in the Agreement.
(c) Ineligible expenditures. Any expenditure that is
not identified in the approved budget filed with the application,
or is otherwise prevented by regulation or statute, is not eligible
for financing. RED C4T funds may not finance any loan and/or grant
that is listed as a prohibited investment in §29.31 of this subchapter.
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