Agenda - 05-06-2003 - 8e - Laserfiche WebLink

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3 OranEe County Housing Bond Policy Established: September 1998 Approved: December 1 S, 1998 Amended: April 2001. October 2002 Revision: May 2003 This document outlines the policies governing the expenditure of 2001Affordable Housing Bond funds and future bond programs. I. INTRODUCTION Separate Funding Pools Strategy: Separate Request for Proposals (RFPs) will be issued simultaneously for three types of projects: 1) homeownership, 2) special needs, whether ownership or rental, and 3) non-special needs rentaU cooperative housing. Within each category, no distinction should be made between new construction and rehabilitation. The RFP closing dates and award dates will also be the same. 20% of the expected $1.3 million that will be made available in the first round of 2001 bond funding will be designated for the homeownership pool, 20% will be designated for the special needs pool, 40% will be designated for the non-special needs rentaUcooperative housing pool, and 20% will be d_e~si~gnated for land banking. ~'''~ ~ ~ ~noi , ,;» t,o ro o °a ~ ,-+~,~ ~~ra ~DUr~ir~rD~~iv c ~ j If funds for any pool are not fully allocated in the initial round, an extension period of 60 days will be granted for the submission of additional RFPs for that specific project type. This extension period will begin the day following the BOCC's vote on awarding bond funds. During this extension period new applications will be received; in addition, applicants who did not score the required 60 points may revise their applications and reapply during the extension period. If, after this extension period and corresponding funding decisions, there are still funds remaining in either the Home Ownership, Rental, Special Needs and/or Land Banking pool(s), the PRS committee will make a recommendation to the County Manager for the disposition of remaining funds. Eligible Applicants: Only non-profit entities will be eligible to apply for funding under the County's bond program. Non-profits may partner with for-profit entities to develop projects, however, in those cases; the non-profit must have the controlling majority in the project (more than 50% interest). Request for Proposals: Prospective developers will be required to submit an application once the Orange County Department of Housing and Community Development announces a Request for Proposals. The applications will be scored according to the established evaluation criteria and targeting goals explained herein. Project Review and Selection: A County Committee will evaluate project proposals and make funding recommendations to the County Manager. The Project Review and Selection (PRS)