19E - RFP - AFFORDABLE HOUSING - Laserfiche WebLink

Home Browse Search

areas of the City. The City has identified five geographical areas where it has targeted significant public resources in the past, and where it would like to see additional resources targeted in the future. The four areas are known as follows: Cornerstone Village (Attachment 1), Townsend -Raitt (Attachment 2), Cedar - Evergreen (Attachment 3), and 1900 -2000 Myrtle Street (Attachment 4). Additional target areas are identified in the City's Housing Element. Both the Plan and the City's Housing Element identify affordable rental housing suitable for larger households as a high priority for the City. One of the rating criteria is the bedroom size of the proposed units. Project design and construction will be subject to and carried out in accordance with established City standards and procedures. In accordance with the City's Early Outreach policy (Attachment 5), the selected developer may be required to solicit significant neighborhood input during the design process. B. AVAILABLE FUNDS The financial data provided in this RFP is not guaranteed, and the availability of such funds is subject to change at any time. The City of Santa Ana makes no guarantee of the availability of funding for any particular applicant or project. [Please Note: the availability of up to 50 project -based vouchers is contingent upon proposals awarded under RFP # 15 -129 for 100 units of Permanent Supportive Housing.] The submission of a proposal in response to this RFP does not commit the City to providing any funding to a proposed project. The City reserves the right to determine at its sole discretion how to disburse available funds, if at all. In order for HOME funds to be committed, all other financing must be place, including Low - Income Housing Tax Credits. The City will provide a pre- commitment letter to those projects successful in receiving allocations through this RFP. HOME Program expenditures are limited to an amount equal to the maximum subsidy limit established by HUD for units based on bedroom size times the number of such units. The maximum subsidy limits are as follows: # of Bedrooms HOME Maximum Subsidy 0 $128,000 1 $148,000 2 $180,000 3 $235,000 4+ $255,000 Only HOME assisted units count toward the calculation of the HOME Program funds that may be invested in a project. HOME assisted units are deed restricted to rents and incomes eligible under the HOME Program. C. TERM OF AFFORDABILITY AND MAXIMUM ALLOWABLE RENTS The selected developer shall enter into a Loan Agreement with the City of Santa. This Agreement and other attendant documents shall provide for repayment of the loan. They shall also impose affordability covenants of no less than fifteen (15) years for acquisition /rehabilitation projects or until the City loan is repaid whichever is longer. HOME funded units must, at a minimum be affordable to very low and low income households. City of Santa Ana Community Development Agency Request for Proposals for Affordable Housing Development 1k 'i3