19D - AFFORDABLE HOUSING RFP - Laserfiche WebLink

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obtain written commitments to protect the City's investment in the event of a default. The City must review all requests for subordination, and may approve or deny at the City's sole discretion. The loan or grant shall be further secured by recorded Affordability Covenants and Restrictions, running with the land, to assure that Program funds are used to provide long-term affordable rental housing opportunities for low - and moderate -income households. The Borrower and the City shall execute and record Affordability Covenants and Restrictions regulating project rents, tenant selection procedures, use of project income, management and maintenance, transfer of property, and permitted forms of ownership and use, including a prohibition on conversion of the project to condominium or stock cooperative ownership for the term of the recorded Affordability Covenants and Restrictions. The recorded Affordability Covenants and Restrictions shall provide for the longest feasible time. Notwithstanding the above, the Affordability Covenants and Restrictions would in no event, be shorter than any other term of a Regulatory Agreement or Covenant' -recorded concurrently with the City's Covenants and Restrictions. The Affordability Covenants and Restrictions shall be recorded with the Deed of Trust. In some circumstances, these Affordability Covenants and Restrictions may be subordinated by the City, pursuant to Section 33334.14 of California Health and'Safety Code, to, liens, encumbrances, or regulatory agreements of other federal or state agencies or lenders providing financing forthe project, subject to assurances by senior lenders that the City's lien rights will be protected. For more information, please see California Health and'Safety Code° and applicable, regulations set forth in Section 34176. IV. INCLUSIONARY HOUSING FUNDS Source of Funds \ , Funding for this program is provided. using revenues generated through in -lieu fees collected under the City of Santa Ana Housing Opportunity -Ordinance. Eligible Borrowers/Grantees', Eligible borrowers are -nonprofit Housing) Development Corporations (HDC's) duly organized to promote and undertake community development'activities oma not for profit basis, and which have a valid 501(c)(3) or (4) designation from the IRS, or for profit housing developers.or development corporations, with proven capacities to develop, own, and operate affordable housing. Limited partnerships whose general partners are otherwise eligible under the.above are also eligible to borrow Program funds. Eligible Projects Funds can be used to increase and improve the supply of housing affordable to moderate, low, very -low and extremely -low income households in the City. Eligible rehabilitation projects will: 1) be in need of rehabilitation'as defined herein; 2) be located in the City of Santa Ana; 3) be free from significant adverse environmental impacts, except those that can be mitigated through rehabilitation; and 4) avoid permanent involuntary tenant displacement to the greatest degree feasible in order to carry out the project. Eligible projects which involve new construction or conversion of an existing non-residential use will conform to items (2), (3), and (4) above. City of Santa Ana Community Development Agency Request for Proposals for Affordable Housing Development Page 16 19D-20