55C - RESO OC HOUSING FINANCE JOINT POWERS

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Exhibit 3 Draft Bylaws for the OC Housing Finance Trust (subject to approval by the Trust governing board) Part 1— Introduction to the Orange County Housing Finance Trust (OCHFT) Establishment Chapter 336 of the California Statutes of 2018 (AB 448, 2018, Quirk -Silva, Daly, and Moorlach) was entered into law on September 11, 2018. Chapter 336 authorized the County of Orange and any of the cities within the County of Orange to create a joint powers agency known as the Orange County Housing Family Trust, which may do any of the following: (1) fund the planning and construction of housing of all types and tenures for the homeless population and persons and families of extremely low, very low, and low income, as defined in Section 50093 of the Health and Safety Code, including, but not limited to, permanent supportive housing; (2) receive public and private financing and funds; and (3) authorize and issue bonds, certificates of participation, or any other debt•instrumenf repayable from funds and financing received and pledged by the Orange County Housing Finance Trust. The OCHFT was established on by the execution,of the Joint Exercise of Powers Agreement (the "Agreement") by and between the Cities of ;,and — (collectively; tlie, Cities") and the County of Orange the "County"). These Bylaws were adopted by OCHFT's Board of Directors and provide for the organization and administration of OCHFT. These By -Laws supplement the Agreement. OCHFT Guiding Vision and Mission Following the passage of AB 448; the County of Orange and ACC-OC formed a collaborative working group to establish the OCHFT. As such, the working group, comprised of'elected officials and staff from both the County and Cities worked to create the'guiding.vision and -mission as follows: The vision of OCHFT is to provide innovative financial solutions for the humanitarian crisis of homelessness in our local communities. -- The mission of OCHFT is to strengthen the communities in Orange County by financing the development of housing for homeless and low-income individuals and families. 1.03 - OCHFT Guiding Principles The guiding principles of the OCHFT: 1 • Implement the findings and declarations of AB 448. • Provide funding based on principles of fiscal responsibility and demonstrated value to the taxpayer and funder. • Retain local control and the ability for local governments to use OCHFT funding for housing solutions when needed, or to participate within the region as a whole. • Demonstrate accountability and transparency for members of the JPA and the public. 55C-27