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<br /> <br />Affordable Housing Funds Policies and Procedures Page 26 <br /> <br /> <br /> <br /> <br />Inclusionary Housing Fund <br /> <br />Source of Funds <br />Funding for this program is provided using revenues generated through in-lieu fees from the City <br />of Santa Ana Housing Opportunity Ordinance (revised and adopted by City Council in October <br />2015). <br /> <br />Eligible Borrowers/Grantees <br />Eligible borrowers are nonprofit Housing Development Corporations (HDC’s) duly organized to <br />promote and undertake community development activities on a not-for-profit basis, and which <br />have a valid 501(c)(3) or (4) designation from the IRS, or for-profit housing developers or <br />development corporations, with proven capacities to develop, own, and operate affordable <br />housing. Limited partnerships whose general partners are otherwise eligible under the above are <br />also eligible to borrow Program funds. <br /> <br />Eligible Projects <br />Funds can be used to increase and improve the supply of housing affordable to moderate (120% <br />AMI), low (80% AMI), very-low (50% AMI) and extremely-low income (30% AMI) <br />households in the City. <br /> <br />Eligible rehabilitation projects will: <br /> <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 <br />mitigated through rehabilitation; and <br />(4) avoid permanent involuntary tenant displacement to the greatest degree feasible in <br />order to carry out the program. <br /> <br />Eligible projects which involve new construction or conversion of an existing non-residential use <br />will conform to 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 <br />moderate (120% AMI), low (80% AMI), very-low (50% AMI) and extremely-low income (30% <br />AMI) households, including, but not limited to, the following: <br /> <br />1. Acquisition and rehabilitation of eligible rental properties. Existing rental units may <br />be acquired, substantially rehabilitated and then income and affordability covenants <br />can be recorded on the units for rental or ownership. <br />a. Defined as rehabilitation of a dwelling unit that has substantial building and <br />other code violations such that the unit is returned to the City’s housing <br />Exhibit 1