Item 23 - Councilmember Requested Item Regarding Affordable Housing Funds and Policies

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Affordable Housing Funds Policies and Procedures Page 22 VI. PROJECT MONITORING AND REPORTING The Housing Division shall monitor the project during rehabilitation or construction as needed for compliance with any loan documents and applicable City, State and/or Federal regulations. The Housing Division shall request notification of the final inspection and final construction release from the primary lender, and shall review management practices and reporting procedures with the borrower and project management agent at that time for full compliance with Program requirements. A copy of the Notice of Completion for the project shall be submitted to the Housing Division at the time the Notice is recorded. Borrowers shall be required to certify annually that they have complied with affirmative marketing and tenant selection procedures, and shall submit an annual report to the Housing Division in the form specified by the Division. The Housing Division shall monitor compliance with any Regulatory Agreement or recorded Affordability Covenants, the loan documents, and applicable City, State and/or Federal regulations on an annual basis. Additional details regarding the monitoring process will be included as part of the final Loan Documents. Fair Housing and Equal Opportunity Borrower shall post notices stating that a housing project is subject to Fair Housing and Equal Employment Opportunity requirements of 24 CFR 92.350 and 351 at each project site. Establishment and Use of Reserve Funds Upon completion of project construction, the borrower will be required to capitalize a reserve fund in an amount determined by the City and make annual contributions to the fund. The reserve fund can be used for expenditures related to necessary structural and equipment replacements and improvements of a capital nature, and is not intended to be used for ordinary maintenance items. Annual Reporting by the Housing Division On a quarterly basis, the Housing Division shall prepare a report to the CRHC for its review and recommendation for City Council approval. The quarterly report shall include details on at least the following items: (1) Loan Activity; (2) Loan Portfolio Management and Monitoring; (3) Proposals that were submitted during the previous quarter under the RFP Process but were not recommended for approval by a Review Panel; (4) Affordable Housing Projects under Development; and (5) Available Funds for Affordable Housing Development Projects.