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sales proceedsz or "equity" will be divided equally between the seller and the County. <br />If the initial County contribution does not have to be repaid because the sale occurs <br />more than 40 years after the County contribution is made, then the seller and the <br />County will divide the entire equity realized from the safe <br />Any proceeds from the recapture of funds will be used to facilitate the acquisition, <br />construction, and/or rehabilitation of housing for the purposes of promoting <br />affordable housing. <br />3. If the PJ will use HOME funds to refinance existing debt secured by <br />multifamily housing that is that is being rehabilitated with HOME funds, it <br />must State its refinancing guidelines required under ~ 9~r~~6~b}. The <br />guidelines shall describe the conditions under which the P~ will refinance <br />existing debt. At a minimum these guidelines must; <br />a, Demonstrate that rehabilitation is the primary el~g~bl~ activity and ensure <br />that this requirement is met by establishing a minimums revel of <br />rehabilitation per unit or a required ratio 'I~etween rehab~~ita~ion and <br />refinancing. <br />b. Require a review of management pr~cti~ces to demonstrate that <br />disinvestments in the property has nod, accurreu, `that the Fong' term needs <br />of the project can be met; and that the feasi,ilty of serving the targeted <br />population aver an extended affordab~lrt~y period can be demonstrated. <br />c. State whether the new investment is being made to maintain current <br />affordable units, create ad~i~iona~l :affordable pis, or both. <br />._ <br />d. Specify the required period ~f afford~b~City, whether it is the minimum 15 <br />years or longer. <br />e, Specify whether the investment of H~ivl~`funds may be jurisdiction-wide <br />or limited to a.specific geographic area, such as a neighborhood identified <br />in a neighborheod :~r~ritalizat~on ~~~ategy under Z4 CFR 91,Z15~e}~~~ or a <br />Federally;dsignated ~mpowerme~t Zone or Enterprise Community. <br />f. State that HaME funds cannot be used to refinance multifamily loans <br />made or insured by'`ar~y:fe~dera~ pregram, including CDBG~ <br />orange County HOME ~or~sortRUm Response: <br />The Con~ortrum ~d`oes snot prop~~e to use HOME Program funds to refinance existing <br />debt ;including debt s~~ured by multifamily housing rehabilitated with HOME funds), <br />this question is not appl~~cable~ <br />4. If ~h~,,P~ is going ~ receive American Dream Down payment Initiative ADDI} <br />fundsx'pJease cal~plete the following narratives <br />a, Describe the planned use of the ADDI funds. <br />b. Describe ~~ie PJ's plan for conducting targeted outreach to residents and <br />tenants of public housing and manufactured housing and to other families <br />assisted by public housing agencies, for the purposes of ensuring that the <br />ADDI funds are used to provide down payment assistance far such <br />residents, tenants, and families. <br />2 New sales proceeds equals the gross sales price less selling costs, the unpaid principal amount <br />of the original f rst mortgage and the unpaid principal amount of the initial County contribution and <br />any other initial government contribution secured by a deferred payment promissory note and <br />deed of trust. <br />~ ~ollwzolz Action Plan 39 <br />