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Affordable Housing Funds Policies and Procedures <br />March 20, 2018 <br />Page 2 <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 <br />• Community Development Block Grant Program <br />• Project -Based Voucher Program <br />The Policies and Procedures are comprised of six (6) sections: <br />• The Types of Loans and Grant's section describes the types of projects that may be <br />undertaken using Program funds. <br />• The Proposal Submittal and Review Procedures section describes three options that may <br />be used to allocate Program funds: 1) Open RFP Process; 2) City Council Initiated <br />Proposal Review; and 3) By -Right Funding for Achieving City Goals and Objectives. In <br />addition, this section discusses procedures to determine reasonable development costs <br />and financial feasibility of projects by a 3rd party real estate advisor, establishes a local <br />preference for Santa Ana residents, and other criteria that must be met for each project. <br />• The Pre -Loan Commitment section describes the actions by staff to recommend an award <br />/ pre -loan commitment of funds to a project to the Community Redevelopment and <br />Housing Commission and then to City Council for approval. <br />• The Loan Terms and Closing Procedures section provides terms of the loans that will be <br />incorporated into the final Loan Agreement for a project, including the procedures for a <br />Loan Closing. <br />• The Project Monitoring and Reporting section summarizes the policies and procedures to <br />ensure each project remains affordable and financially viable while also reporting this <br />information to the public via the Housing Division Quarterly Report. <br />• The Funding Sources section provides a detailed description of each funding source <br />available to the City for affordable housing development. Each source is described in as <br />much detail as necessary to provide a developer or member of the public with sufficient <br />information on the basic requirements and eligible uses. <br />The above sections outline the City's process to allocate affordable housing development funds <br />and establish criteria for the selection of projects. Additional information not included in the <br />Policies and Procedures may be found in the regulations for the Federal or State funds, Loan <br />Documents, RFP documents, the City Municipal Code, and/or other administrative procedures <br />maintained by the Housing Division. These Policies and Procedures were drafted to memorialize <br />our current practices that had not been formally adopted by City Council. <br />A draft of the Policies and Procedures was presented to the Community Redevelopment and <br />Housing Commission on September 27, 2017 in a Work -Study Session and then again on <br />October 25, 2017 for recommendation to City Council. At its regular meeting on October 25, <br />2017, the Community Redevelopment and Housing Commission recommended that the City <br />Council adopt the draft Affordable Housing Funds Policies and Procedures by a vote of 6:0 (de <br />Leon absent). <br />80A-2 <br />