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EXHIBIT 1 <br />Inclusionary Housing Fund <br />Source of Funds <br />Funding for this program is provided using revenues generated through in -lieu fees from the City <br />of Santa Ana Housing Opportunity Ordinance (revised and adopted by City Council in October <br />2015). <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 <br />have a valid 501(c)(3) or (4) designation from the IRS, or for-profit housing developers or <br />development corporations, with proven capacities to develop, own, and operate affordable <br />housing. Limited partnerships whose general partners are otherwise eligible under the above are <br />also eligible to borrow Program funds. <br />Eligible Projects <br />Funds can be used to increase and improve the supply of housing affordable to moderate, low, <br />very -low and extremely -low income households in the City. <br />Eligible rehabilitation projects will: <br />(1) be in need of rehabilitation as defined herein; <br />(2) be located in the City of Santa Ana; <br />(3) be free from significant adverse environmental impacts, except those that can be <br />mitigated through rehabilitation; and <br />(4) avoid permanent involuntary tenant displacement to the greatest degree feasible in <br />order to carry out the program. <br />Eligible projects which involve new construction or conversion of an existing non-residential use <br />will conform to items (2), (3), and (4) above. <br />Eligible Uses and Activities <br />Funds can be used to make loans to eligible borrowers to provide affordable housing, for low - <br />and very low-income households, including, but not limited to, the following: <br />1. acquisition and rehabilitation of eligible rental properties; <br />2. acquisition and conversion of non-residential property to multifamily rental housing <br />units; <br />3. new construction of rental housing units; <br />4. predevelopment loans up to a period of 24 months for site acquisition, <br />predevelopment activities, including professional services which cannot be obtained <br />on a contingency basis, and construction. Such loans may be extended for up to 18 <br />months with an additional 12 month extension option at the discretion of the Housing <br />Division Manager; <br />5. homeless services programs; <br />6. security deposit assistance programs; <br />Affordable Housing Funds Policies and Procedures <br />Foorlyfficl <br />Page 26 <br />