Laserfiche WebLink
Available Funds for Affordable Housing Development Projects <br />February 21, 2017 <br />Page 2 <br />• Housing Successor Agency (Low & Moderate Income Housing Asset Fund): These <br />funds are carried over and collected under the former Redevelopment Agency which was <br />dissolved in 2012. Funding may be deposited into this fund from the sale of Housing <br />Successor Agency land, principal and interest repayments from the current loan portfolio, <br />and available funds deposited as Recognized Obligation Payment Schedule (ROPS) <br />payments for enforceable obligations as approved by the Department of Finance. <br />Available funds for affordable housing development projects: $7.2M <br />• Inclusionary Housing: These funds are paid by developers when they opt -out of <br />developing affordable housing on -site on their projects and instead pay an in -lieu fee <br />required by the City's Housing Opportunity Ordinance. Available funds for affordable <br />housing development projects: $3.7M <br />• HOME Investment Partnerships Program (HOME): These funds are Federal funds that <br />the City receives from the U.S. Department of Housing and Urban Development (HUD) on <br />an annual basis as a Federal entitlement jurisdiction. Non-profit Community Housing <br />Development Organizations (CHDO's) may utilize 15% of the annual HOME Program <br />allocation. Allocation of funds must go through a competitive Request for Proposals (RFP) <br />process. Available funds for affordable housing development projects: $338,351 <br />• Community Development Block Grant (CDBG): These are Federal funds that the City <br />receives from HUD on an annual basis as a Federal entitlement jurisdiction. Funding may <br />only be used for acquisition and rehabilitation projects (no new construction). Allocation of <br />funds must go through a competitive RFP process. Available funds for affordable <br />housing development projects: $640,000 <br />The available funds for affordable housing development projects may be awarded to developers <br />by the City and/or Housing Authority via City Council action to address the need for more <br />affordable housing units. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #5 - Community Health, Livability, <br />Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support <br />efforts to preserve and improve the livability of Santa Ana neighborhoods). <br />19G-2 <br />