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/ EDIBT Committee requested <br />incorporated into this draft <br />/ Policies & Procedures Outline <br />additional revisions which have been <br />/ Purpose <br />/ To guide how affordable housing funds and land assets available <br />are allocated, committed, loaned and monitored for multi -family <br />affordable housing development in the City <br />/ Intent <br />/ To provide a transparent, open and fair process in the allocation of <br />scarce affordable housing funds and land assets available to the <br />City for affordable housing development <br />/ Policies & Procedures Outline <br />I, Types of Affordable Housing Funding Sources Available <br />/ Proposal Submittal and Review Procedures <br />/ Pre -Loan Commitment Procedure <br />/ Loan Terms and Closing Procedures <br />/ Project Monitoring and Reporting <br />/ Detailed Overview of Funding Sources <br />Multiple Opportunities for Proposal Submission and Review <br />1. Open RFP Process <br />Proposals may be submitted at anytime <br />RFP is continuously open throughout the year <br />• Provides for an opportunistic process so the City will not <br />miss out on a site for development <br />• Quarterly review of proposals <br />• Minimum score of 75 points required to proceed forward <br />2. City Council Initiated Proposal Review <br />A City Councilmember may request review of a proposal <br />Developer pays for analysis by real estate advisor (e.g. <br />KMA) <br />City Council then presented with both City staff's and the <br />real estate advisor's analysis and provides direction, without <br />staff recommendation <br />5 votes to move forward <br />3. By -Right Funding for Housing <br />Developer may submit an application for by -right funding for <br />housing <br />Project must be located in a zone designated as "by -right" <br />for housing development <br />Only units serving households at 30% Area Median Income <br />or below may qualify <br />The maximum per unit subsidy shall not exceed the <br />maximum per unit subsidy limits set by HUD for the HOME <br />Program <br />CITY COUNCIL MINUTES 20 MARCH 6, 2018 <br />