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EXHIBIT 1 <br />III. HOME INVESTMENT PARTNERSHIPS PROGRAM <br />Source of Funds <br />Funding for this Program is provided through the U.S. Department of Housing and Urban Development (HUD) <br />HOME Program (including program income), and therefore is subject to the federal rules and regulations found <br />in 24 CFR Part 92, as amended from time to time. <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 />Projects eligible for HOME funding shall: <br />1) be an affordable homeownership project located in the City of Santa Ana; <br />2) contribute to the achievement of the City's Strategic Plan and fair housing goals; <br />3) be free of significant adverse environmental impacts, except those that can be mitigated through the <br />project itself; <br />4) minimize tenant displacement; <br />5) comply with all local building and zoning codes and standards, including energy efficiency and water <br />conservation standards, and meet housing quality standards in Section 882.109 of Title 24. Newly <br />constructed housing must meet the current edition Model Energy Code of the Council of American <br />Building Officials; <br />6) make efficient use of public funds and avoid "layering" of subsidies beyond those necessary to <br />achieve a financially feasible project; and, <br />7) have at least 51 % of the project space be residential, if in a mixed -use project. <br />Eligible Uses and Activities <br />HOME funds may only be used to finance new construction or acquisition and/or rehabilitation of single family <br />ownership housing which is affordable to low-income households as defined by 24 CFR 92.2. HUD defines <br />"Single Family Housing" as a one -to -four family residence, condominium unit, cooperative unit, combination of <br />manufactured housing and lot, or manufactured housing lot. Fifteen percent (15%) of the annual HOME fund <br />allocation shall be set aside for certified Community Housing Development Organizations (CHDO's). New <br />construction costs eligible for HOME funding shall be as specified in 24 CFR Part 92, including: <br />1) site acquisition; <br />2) site preparation costs (grading, filling, etc.); <br />3) financing costs as described in 24 CFR 92.206; <br />4) architectural, engineering, and other related soft costs; <br />5) the cost of extending or upgrading utilities to the site to support the proposed project; <br />6) construction costs; <br />7) relocation costs; and, <br />8) affirmative marketing and audit costs related to HOME program requirements. <br />Rehabilitation costs eligible for HOME funding include: <br />1) project acquisition with or without rehabilitation; <br />2) financing costs, as described in 24 CFR 92.206; <br />3) architectural, engineering, or other design costs; <br />4) utility upgrade or extension costs; <br />5) costs associated with demolition (where necessary) only if rehabilitation is commenced within 12 <br />City of Santa Ana Community Development Agency <br />Request for Proposals for Affordable Homeownership Opportunities <br />Page 16 <br />