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<br />City of Santa Ana Community Development Agency <br />Request for Proposals for Affordable Housing Development <br />Page 17 <br />III. INCLUSIONARY HOUSING FUNDS <br /> <br />Source of Funds <br />Funding for this program is provided using revenues generated through in-lieu fees collected under the City of <br />Santa Ana Housing Opportunity Ordinance. <br /> <br />Eligible Borrowers/Grantees <br />Eligible borrowers are nonprofit Housing Development Corporations (HDC’s) duly organized to promote and <br />undertake community development activities on a not for profit basis, and which have a valid 501(c)(3) or (4) <br />designation from the IRS, or for profit housing developers or development corporations, with proven capacities <br />to develop, own, and operate affordable housing. Limited partnerships whose general partners are otherwise <br />eligible under the above are also eligible to borrow Program funds. <br />Eligible Projects <br />Funds can be used to increase and improve the supply of housing affordable to moderate, low, very low and <br />extremely low-income households in the City. <br /> <br />Eligible rehabilitation projects will: <br />1) be in need of rehabilitation as defined herein; <br />2) be located in the City of Santa Ana; <br />3) be free from significant adverse environmental impacts, except those that can be mitigated through <br />rehabilitation; and <br />4) avoid permanent involuntary tenant displacement to the greatest degree feasible in order to carry out the <br />project. <br /> <br />Eligible projects which involve new construction or conversion of an existing non-residential use will conform to <br />items (2), (3), and (4) above. <br /> <br />Eligible Uses and Activities <br />Funds can be used to make loans to eligible borrowers to provide affordable housing, for low- and very low- <br />income households, including, but not limited to, the following: <br /> acquisition and rehabilitation of eligible rental properties; <br /> acquisition and conversion of non-residential property to multifamily rental housing units; <br /> new construction of rental housing units; and, <br /> predevelopment loans up to a period of 24 months for site acquisition, predevelopment activities, <br />including professional services, which cannot be obtained on a contingency basis, and construction. <br />Such loans may be extended for up to 18 months with an additional 12-month extension option at the <br />discretion of the Housing Division Manager. <br /> <br />For more information, please see Santa Ana Municipal Code Section 41-1900. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />EXHIBIT 1