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Proposed Policy for Land Banking <br />Approved by AHAB, December 10,2002 <br />Procedural Assumptions/Recommendations <br />1. This Land Banking Policy is intended to govern the allocation of 20% of the $1.3 million of <br />2001 bond funds to be released in FY 2003-2003. <br />2. The Land Banking Policy will be incorporated into the Orange County Housing Bond Policy <br />document and Land Banking project proposals will be subject to the same requirements <br />regarding Eligible Applicants, Request for Proposals, Project Review and Selection, <br />Minimum Score, Project Completion, Reporting Requirements, Leveraging Requirements, <br />and Long Term Affordability Requirements as are other bond project proposals, unless <br />specific instructions are given for Land Banking project proposals. The Land Banking <br />Threshold Requirements and Evaluation Criteria will be included in the Housing Bond Policy <br />as an attachment. <br />In particular please note that projects funded by Land Banking financial awards will be a) <br />required to start construction within three years of the funding award and b) leverage other <br />financial resources in the land purchase. (See the guidelines for Project Completion and <br />Leveraging Requirements, respectively). <br />3. If a project is awarded Land Banking funds and subsequently applies for other County bond <br />funds, the Land Banking award will be included in the leverage calculations. <br />4. We recommend that a specific Request for Proposal process be approved for Land Banking. <br />Our recommendations are: <br />a. An initial Land Banking RFP is open for 30 days and that after the RFP period <br />closes the Land Banking proposals will be scored within 30 days and the funding <br />recommendations are forwarded to the County Manager. <br />b. If the sum total of recommended bond funding awards is less than the total lank <br />banking funds available, then the remainder of the funds continue to be set aside <br />for future land banking RFPs until such time as next release of funds from the <br />2001 affordable housing bonds. <br />C. If after the initial Land Banking RFP, funds are still available the RFP process is <br />re-opened and be open-ended, i.e. proposals will be reviewed on a first-come, <br />first-serve basis. Furthermore, all proposals will be scored within 30 days of the <br />receipt of a complete proposal and the recommendations forwarded to the County <br />Manager by the Project Review and Selection Committee.