SBA has issued a clarification on Recovery Act Restricted Use of Funds under the American Recovery and Reinvestment Act of 2009. The Act states that none of the funds appropriated or otherwise made available in this Act may be used by any State or local government, or any private entity, for any casino or other gambling establishment, aquarium, zoo, golf course, or swimming pool. This means they may not be eligible for the temporary reduction in fees.
For 504 loans that include these Recovery Act restricted uses, Evergreen may continue to submit applications with the borrower paying all applicable fees. For some projects, if a portion of the project would be on the restricted use of funds list, and the equity covers that portion of the project, then the project is eligible for ARRA fee elimination.
Please contact your local Evergreen loan officer [1] if you have any questions on these restrictions.
Links:
[1] http://www.evergreen504.com/contact-us/loan-officer-team