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2 <br /> 3. Income Targeting criteria should insure that the lowest income group possible benefits . <br /> from the program. <br /> The Task Force does not recommend changing the current Income Targeting criteria. <br /> Projects designed for the lowest income group may require more bond financing, thus, while <br /> the project will earn points in the Income Targeting criteria area, it may not earn a great <br /> deal of points in the Leveraging Section. <br /> 4. Guarantee of Long-Term Affordability perhaps with the use of Deed Restrictions. <br /> The Task Force recommends insuring long-term affordability with the use of deed <br /> restrictions similar to those used to secure impact fee reimbursements. <br /> 5. The Project Feasibility section of Evaluation Criteria provides a bonus for an applicant <br /> that has obtained contractor commitments and necessary building permits. This <br /> prompted the question regarding the"longevity" of a Building Permit. <br /> According to the Orange County Building Inspections Office, after a building permit has <br /> been issued, the first inspection must occur within six months. Thereafter, there must be at <br /> least one inspection per year in order for the permit to remain valid. <br /> In addition to discussing these items the bond committee added language to the policy which <br /> requires all existing housing projects to be completed within three years of funding award and all <br /> new construction projects to begin within three years of funding award. <br /> Lastly, for information purposes, and in consideration of the date of completion of the Housing <br /> Bond Policy,the Implementation Schedule presented at the October 20, 1998 meeting has been <br /> adjusted accordingly and is included with this abstract. <br /> RECOMMENDATION(S): <br /> The Manager recommends approval of the Housing Bond Program Policy. <br />