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<br /> <br />Affordable Housing Funds Policies and Procedures Page 7 <br /> <br />I. INTRODUCTION <br /> <br />The City of Santa Ana provides financial assistance to support the acquisition, rehabilitation, and <br />new construction of properties to preserve and increase affordable housing opportunities for <br />lower income households through the following Programs: <br /> Low and Moderate Income Housing Asset Fund (Housing Successor Agency Fund) <br />including land assets owned by the Housing Successor Agency <br /> Inclusionary Housing Fund <br /> HOME Investment Partnerships Program (HOME) <br /> Community Development Block Grant Program (CDBG) <br /> Project-Based Voucher Program (PBV) <br />Under these Funds and Programs (“Programs”), the City provides deferred payment loans and/or <br />grants to bridge the financial gap between available resources, including the borrower's/grantee’s <br />equity and private financing, and the costs of developing affordable multi-family housing. The <br />Affordable Housing Funds Policies and Procedures (“Policies and Procedures”) provides an <br />overview of the types and terms of loans which are available, proposal requirements, review <br />procedures, selection criteria, loan commitment and closing procedures, and project monitoring <br />and reporting requirements of these varied Programs within one comprehensive source of <br />reference. [Throughout this document, loans and grants may be referred to collectively as <br />“loans” except when the terms are unique to a loan or to a grant.] <br /> <br />These requirements are minimum requirements for participation in City Programs and are <br />subject to approval by City Council. Meeting these requirements does not guarantee <br />participation in any Program. The City reserves the right to require additional qualifications <br />for individual projects. The City reserves the right to reject any and all proposals. <br /> <br />At a minimum these Policies and Procedures will be compared and reviewed to the City’s <br />progress to achieve the goals in the Housing Element each year. If it is determined that the <br />City is not making adequate progress to achieve the goals of the Housing Element, staff will <br />review these Policies and Procedures to determine whether they should be amended to more <br />effectively achieve the goals of the Housing Element. <br /> <br />These Programs are administered by the Housing Division of the City of Santa Ana (under the <br />direct supervision of the Housing Division Manager, the direction of the Executive Director of <br />Community Development, and the general supervision of the City Manager). <br /> <br />These Policies and Procedures should be interpreted in conjunction with Federal, State, and City <br />statutes and regulations governing the use of these funds. In the event of a conflict between <br />these Policies and Procedures and such statutes and regulations, the requirements of those <br />statutes and regulations shall prevail. All projects must comply with all applicable statutes and <br />regulations, which may include federal requirements contained in 24 CFR 92, 570, 982, and 983, <br />including, but not limited to, environmental reviews, labor and wage requirements, debarred <br />contractors, lead-based paint and equal opportunity. Leveraging of City dollars (to the extent <br />possible) with outside funding sources will continue to be a priority to preserve and increase <br />affordable housing opportunities for low income households.