Laserfiche WebLink
CITY OF SANTA ANA <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />B. HOME INVESTMENT PARTNERSHIPS PROGRAM <br /> <br />Source of Funds <br />Funding for this Program is provided through the U.S. Department of Housing and Urban <br />Development (HUD) HOME Program (including program income), and therefore is subje ct to the <br />federal rules and regulations found in 24 CFR Part 92, as amended from time to time. <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 have a <br />valid 501(c)(3) or (4) designation from the IRS, or for-profit housing developers or development <br />corporations, with proven capacities to develop, own, and operate affordable housing. Limited <br />partnerships whose general partners are otherwise eligible under the above are also eligible to borrow <br />Program funds. <br /> <br />Eligible Projects <br />Projects eligible for HOME funding shall: <br /> <br />(1) Be an affordable rental and/or 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 <br />through the project itself; <br />(4) Minimize tenant displacement; <br />(5) Comply with all local building and zoning codes and standards, including energy efficiency <br />and water conservation standards, and meet housing quality standards in Section 882.109 of <br />Title 24. Newly constructed housing must meet the current edition Model Energy Code of the <br />Council of American Building Officials; <br />(6) Make efficient use of public funds and avoid "layering" of subsidies beyond those necessary <br />to 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 <br />rental and/or ownership housing which is affordable to low-income households as defined by 24 CFR <br />92.2. Fifteen percent (15%) of the annual HOME fund allocation shall be set aside for certified <br />Community Housing Development Organizations (CHDO’s). <br /> <br />EXHIBIT 1