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9 <br />Orange County Housing Bond Policy <br />Established: September 1998 <br />Approved: December 15, 1998 <br />Amended: April 2001 <br />Revision: October 2002 <br />This document outlines the policies governing the expenditure of 200 1 Affordable Housing Bond <br />funds and future bond programs. <br />1. INTRODUCTION <br />Separate Funding Pools Strategy: Separate Request for Proposals (RFPs) will be issued <br />simultaneously for three types of projects: 1) homeownership, 2) special needs, whether <br />ownership or rental, and 3) non-special needs rental/ cooperative housing. Within each category, <br />no distinction should be made between new construction and rehabilitation. The RFP closing <br />dates and award dates will also be the same. <br />20% of the expected $1.3 million that will be made available in the first round of 2001 bond <br />funding will be designated for the homeownership pool, 20% will be designated for the special <br />needs pool, and 40% will be designated for the non-special needs rental/cooperative housing <br />pool. (The final 20% will be reserved for the land banking RFP process.) <br />If funds for any pool are not fully allocated in the initial round, an extension period of 60 days <br />will be granted for the submission of additional RFPs for that specific project type. This <br />extension period will begin the day following the BOCC's vote on awarding bond funds. During <br />this extension period new applications will be received; in addition, applicants who did not score <br />the required 60 points may revise their applications and reapply during the extension period. If, <br />after this extension period and corresponding funding decisions, there are still funds remaining in <br />either the Home Ownership, Rental, and/or Special Needs pool(s), the PRS committee will make <br />a recommendation to the County Manager for the disposition of remaining funds. <br />Eligible Applicants: Only non-profit entities will be eligible to apply for funding under the <br />County's bond program. Non-profits may partner with for-profit entities to develop projects, <br />however, in those cases; the non-profit must have the controlling majority in the project (more <br />than 50% interest). <br />Request for Proposals: Prospective developers will be required to submit an application once <br />the Orange County Department of Housing and Community Development announces a Request <br />for Proposals. The applications will be scored according to the established evaluation criteria and <br />targeting goals explained herein. <br />Project Review and Selection: A County Committee will evaluate project proposals and make <br />funding recommendations to the County Manager. The Project Review and Selection (PRS) <br />Committee will be composed of up to three members of the Affordable Housing Advisory Board <br />(AHAB), three Orange County employees (from among the Orange County Assistant County