HomeMy WebLinkAboutAgenda - 10-15-2002 - 9a ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Data: October 15, 2002 Action Agenda
Item N
IMm NO. C{-Q
SUBJECT Approval of Proposed R ns to Housing Bond Policy
DEPARTMENT: Housing/Community Dev. PUBLIC NEARING: (YIN) No�
ATTACHMENT(S): INFORMATION CONTACT:
Revised Housing Bond Policy Tara L. Hose,an 2490
Summary of Board and Public
Comments TELEPHONE NUMBERS:
Hillsborough 732-8181
Chapel Hill 9884501
Durham 686-7331
Mebane 336-227-2031
PURPOSE: To approve proposed revisions to the Housing Bond Policy.
BACKGROUND: The Affordable Housing Advisory Board (AHAB)has reviewed the existing
bond policy in preparation for identifying projects to be financed farm the November 2001
Affordable Housing Bond in the amount of$4 million dollars. AHAB's recommendations for
policy revisions were presented to the Board of County Commissioners (BOCC)at the
September 9 work session. The revised Housing Bond Policy was also distributetl to local non-
profit organizations and posted on the County's website In oiler to receive public feedback.
Since the work session and in has separate meetings,AHAB and its Bond Policy subcommittee
have reviewed comments farm the BOCC and local non-profit organizatons and prepared a
final daft of proposed revisions to the Housing Bond Policy for BCCC review and approval.
AHAB has also prepared a summary of Board and public comments as additional background
Information.
The major Items during the comment period were Land Banking: Integrated Projectsl and the
Long Tenn Housing Affordability Policy. Following discussion of these items and based on the
desire to proceed with round one of the Housing Bond Program, AHAB proposes the following
actions:
1. Land Banking: AHAB will continue work to develop criteria fora Land Banking Program
for the Board's consideration In the next 30-90 days. In the Interim, the Advisory Board
suggests that County staff work with Habitat for Humanity to try to identify passible
funding sources to address their immediate acquisition naeds/concerns.
2. Integrated Prolects: Regarding the feasibility of submitting mixed tenure proposals,
AHAB has included an affirmative statement in the Bond Policy indicating that these
proposals are encouraged and acceptable.
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3. Long-Teran Long-T Housing AR b b'I'ty Policy: AHAB would like to engage in a separate
review of the Long-Term Affordability Policy(LTAP) in collaboration with local affordable
housing advocates and providers who have expressed an earlier Interest in participating
in such a review. This separate review will also allow a full discussion and analysis of
the Faulty Sharing requirements of the LTAP. Therefore, no changes are proposed at
this time and AHAB suggests that all round one applicants comply with the current LTAP.
The Revised Housing Bond Policy reflects current recommendations from AHAB based on Initial
review and subsequent input from the Board and public. Please note that Attachments 4 and
referenced in the policy are not included with this abstract, but are available for review upon
request.
FINANCIAL IMPACT: The approved Housing Bond Policy will govern the expenditure of$4
million dollars in Affordable Housing Bond funds. The Affordable Housing Bond sale strategy
Includes the sale of approximately$1.3 million dollars each year for the next three years
beginning in 2003.
RECOMMENDATION(S): The Manager recommends that the Board approve the proposed
revisions to the Housing Bond Policy.
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R 0
Orange Established:September 1998
Approved:December 15, 1998
Amended:April 2001
Proposed Reviabn: Ocmber 2002
This uuct w m outlines the policies govttning the expaditare of 2001AUOrdable Housing Bond
funds and fiM1mc bond programs.
1. INTRODUCTION
Separate Funding POOR Strategy: Separate Request for Proposals(Mal will be named
simultaneously for three types of projects: l)homeownership 2)special needs,whether
ownership or counsel,and 3)non-special needs rentall cooperative housing.Within each
category,no distinction should be made between new construction and rehabilitation.The
REP closing dates and award dates said also be the same.
20% of the expected$1.3 million that will be made available m 0e ford round of 2001 bond
funding will be designated for We homeownership pool,20%will be designated for the
special needs pool,and 40%Will be designated for the non-special nails renmEC0operative
housing pool.(The 0nal 20%will be reserved for the land baakNg REP proems.)
If Muds for any pool are not fully allocated in the Initial round,an execution perfect of 60
days will be granted for the submission of additional REPS for that specific project type.
This extension pain)wi l begin the day following the ROCC's vote on awarding bond
funds.During this Mission peri0d new applications will be reetsved; in addition,
applicants who did not score the required 60 point;may revise[her api Gallon and
reapply during the extension period.U,after this extension period and corresponding
footling decisions,there are still Muds remaining W either We Home Ownership Rental,
anNor Special Needs goalie),the PRS committee will make a recommendation to the
County Manager for The dlapecitlon of remaining funds.
Eligible Applicant:Only non-profit attitudes will be eligible to apply for Trading under the
County'sbandpmgam. Non-profits may puma with for-profit entities to develop projects,
however, in those cases;the non-profit must have the controlling majority in the project (mom
than 5T10 interest).
Requeal for Proposals:Prospective developers will be ralmrel to submit in apphcafon once
the Orange Coumy Depapreent of Housing and Community Development announces a Regan
for Proposals.Tic applications will be scored according to the cemblisbed evaluation criteria and
targeting goals captained herein.
Project Review and Selection: A County Committee will evaluate project proposals and make
funding rccovuvrnda[ione to the County Managa. The Project Review sod Selection (FRS)
Committee will be composed of up to three members of the Affordable Housing Advisory
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Board (AHAB), three Orange county employed (from among the Orange County
Assistant County Manager for Homan Services, Planning Dire tor,Finance Director, and
County Engineer) and One employee from small of the Chapel Hill, Clarinet, add
IHlbborough planning departments. The Orange County Director Of Housing and
Community Development win also serve as a member of the PRS Committee. ;'hm-Gummy
existing
ARAB appoialments win be for the Perim)of each phase of funding and appointees are not ad
have been affiliated with eligible andiczms within the last 12 months. 'Affiliation" includes
involvement d a voludtea; member Of the staff board, or board eommia , Or Of a fdexhag
agency
The Bored of County Commissioners moat approve all housing bond preterit, liojectpropones
rcconunended for funding by tic PRS committee,with the cencurraice of TO County Manager,
will be placed on a repaint!Board of County Cnmmfdltncrs meeting agenda for their
consideration.
Eligible Projects:Both Existing Housing and New Construction popporm me eligible activities
for fimding,as are sed-tenure projects,Le.homeownership and rental,homedtvership
and special needs rental,W. Production of von-n adiOmoal housing types—such i m
duplaaee,single room Oeedpmey(EROS),group home,and transitional housing—is also
encouraged.Eligible projects are described in Attachment 1. U prospective applicant is
considering a project that is not ineloded in the fist of eligible projects,then the applicant should
request apre-apliwtlon conference with the Director of Housing and Community Development
and the Cbah of the PRS COmmittee to determine how the project will be ifthep jeeseagye
evaluated by the current cifteda
Minim mSea":AB projects that scarc above 60 points under tlia Evaluation Criteria are
eligible to receive funding.The PRS Committee will review and used the application.The score
of 60 must be derived fiom points earned in each evaluation category.The Board of County
Cmmmissimem must approve all housing bond projects.Project pmpo ds recommendM for
Tuesday by the PRS Cmlmtittee,with the cormwrence of the County Manager,will be placed on
a regular BOCC meeting agenda for their coneidemtioa.
Project Completion:All Existing Housing frogman salinities should be campleted within those
years of funding award.Ali New Construction program activities should begin within tbrec years
of finding award.Any requests for time extensions will be granted at the discretion of the Board
of County Conmissioncrs and most be submitted at least six months prim to the dndlme date.
Reporting Requirements:Bead fund recipients will be required to submit staten Module to the
County.(See Attachment 2).
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Leveraging Requirements: Projects that do not levxage other fivmcial msourca will not be
funded.Examples of other available resources indudc the Commuwty Development Block
&Mt(CDBC)Program,HOME lovextmcnt Partnerships Program,NC Housing Finance Agency
Programs,as well as local general land contnbutions,private book foaming,equity
contributions been the dd-user and/or the developer,and philandmai ie fiords.
Long Term Affordability Requirements:All projects must meet We County's Long-Term
Housing Affordability Policy. Sea Atatelment 3.
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fl. EVA IJATION CRITERW
A.Income TareeGne(25 points)
Rouaehold Income Range Points lobe Awarded
<30% of Are a Medianfucome 25
<60"Ay but>=30% oPArea Median Income 20
<so G,but>-60%of Area Median income 15
Note:For projects serving mired-income ranges,a corresponding weighted average of
paints wit be awmded.
Replaces....
_. Nftd`(is-'pal
b. of I it ^
!Rgh is
d. a.,m ps
Be 515inuEsok Betweltang, and 4tafaughb le iE' ad home es a lie five (5) yew
hausrsg plan is easened.
B Lev (20 paints)
The degree to which the proposed project includes fimding from tabor sources and minimizes
County bond fulls rcquved,given she income groups served. All outside funding sources must
be committed within twelve(12)aig ( imontM or the date of the funding award.Any requests
for time extensions will be granted us the discretion of the BOCC and must be submitted at
least three(3)months pri0r to the deadline dale.
Percent Funded by Bands Points to Be Awarded
60-80% 3
40-59% 6
20-39% 9
10-19 % 12
a10% 15
Other Criteria - Points to Be Awarded
L no project pays property taxes 2
2a.The project repays the bond funds—principal only 2
21r- The project repays the bond funds — both principal 3
and Interest
a
C. Bridge Ps points)
The design of the site plan and housing units with respect to accessibility,maintenance,
functionality and quality of appearance in terms of compatibility red,that of neighboring
housing.
Building Deiga
Maximum Points
Scoring Criteria to be Awarded
I.Thepmimit exceedsthe NC Housing Firmnce Aaeuoy Bnmgy 3
Bdcimscy Criteria(Attachment 4)
2.The pmject is accessible to nedd service;for the target 2
population such ea healthcare,schools or public treaaponation
3.The pmject provides for eanplete handicap accessibility 3
and/or utilizes the principles of Universal Design in the building
deign.Bee Attachment S for further donna).
4. Additional points may be awarded for meting aspects 3
associated with functionality and maintenance.(details mist
be Provided bv marginal)
Community Dodge
Maximum Points
Scoring Criteria to be Awarded
5.The project contributes to a mix rehousing within an existing 2
mighlaoi
6.Additional paints may be awarded for criteria associated 3
with building appearance,quality of completion,
omlembWty with surrounding housing,abdity,to foster a
sense of a secure community,and contributes to
neighborhood revitalization.(details must be provided by
application)
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D. C 'VJiP hi / (lOpoWts)
This section evaluates the degree to which the Sponsoring organisation demonstrates plans for
strong community participafion tbmuidru t the development of a project.
Maximum Pomf
Scoring Criteria W be Awarded
1. The applicant can submit evidence that they coordinated 3
Me application with other organizations; to complement
and/or support the proposed project(please be sapling).
2. The applicant involved the intended beneficiaries of the 2
project in the pluming process.
3. The applicam can demonstrate that it has been actively 2
evolved, or describes the steps it will take W become actively
evolved in the Community's Consolidated Planning process to
identify and addreas a housing need orproblw that is related in
whole or part to Me pmposedproject.
4. The applicant has developed, or describes the plans to 3
develop linkages with other community activides, program;
or projects refund to the proposed project (Le. support
services) to coordinate its activities so solution; are holistic
end com tchervive.
F Project Femibtihv(15 paten)
Project feast eb'ty is the degree W which the project is judged to have a h1celilmod of successfil
completing,addressing such elements as zoning,site central,construction achedWe,and fwdWg.
The proposal should be complete and present abudget that is reasonable send is based an
arable;seem Lions.
Maximum Poluts
Searing Criteria f be Awarded
1.The applicant can demonstrate site control,seeing 4
compliance,and a timely construction schedule that is
feasible
2.Funding(rather than bond funding)is in place at the dean 4
otapptication
3.The applicant's proposal is complete and presents a 7
proposed project budget that is reasonable and is based on
reasonable assumptions
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F.Developer Exoer®tie(15 points)
Developer esperience isjudged based on the scope,extent and quality ofthe applicant's
experience in boosting or related services to part proposed to be served by the project canton
scope ofthe proposed project fi.e, number of units,services,relocation cases,development, and
operation)in relationship to the applicant's dammutrated development and nonresident
Woolly. as well as its financial maoagemet capability. Tids includes the applicant's udbll ution
of=Only and womm-owned businesses,and outer allied small businesses in the planning and
development ofihe PIOJ«t. PmmemMps by local organizations willbe encouraged.
Theomomt ofeepena v oflheprsehiospoasor andyv hretwHdevelopmetlamesincatrymg
pmjitlerprojems cubcemsua prcdparticularly
tsi ll aiwithreepdc d.reasonably iswomeeting
pmj«t ofthetsarsdtimerables on such proj«ts will also be considered. This waulomarryde
reviewantor oodsa averted track beatdiverndlivg pn j rj whichpeedtown mcowry local
fords and/or funds awarded to the local gwemmmm in Uange County,by the federal or stale
govwvtertt.
In the case of rental projects,the amount of experience the project spcmm and management
compmY have in mariagmi low iacome housing(including an adequate management plan fm
dealing with special population needs and spacial community deeds)must be demonstrated.
Madini Points
Scoring Criteria m be Awarded
1.Experience of the applicant in carrying out projects of 5
comparable scope and nature(e.g.,new construction,
cooled housing,rehabilflatlon,etc.)ill pan proposed,and
has met regulatory compliance for prior projects
2.Applicant has proposed a team with demonstrated 5
developmmy managerial,and financial management
capabilifies in prior projects
3.Applicant has successful record of meeting proposed 5
budgets and timetables
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A'fTACEWNT 1 —ELIGIBLE PROJECTS
It be the intention of the ROCC that a wide rouge of projects is eligible for bond funding,
including projects of mized-teaure nature,he. mixing different housing types together W
one project Production of nose-traditional housing types-such as duplexes,single room
occupancy(SROH,group homes,and transitional housing—is also encouraged.If a
prospective applicant ti considering a project that is not included In the list of eligible
projects,then the applicant should request a pre-applicufiun conference with the Director
of Housing and Community Development and the Chair of the IRS Committee to
determine bow the project will be evaluated by the current centered
The following housing programs are also eligible for funding.
Exhatim,Housing Programs
Aftordable Housing Loan Program: The focus of fie homeovmerJup Program would he direct
siosice to eligible bormwera. An eligible bomrowner is one Wet ham not owned a home in We peal
Cow,(3)years. Incord igi3le l mowers would be prequalified for first cod second mortgages by a
local housing non-profit simony curb fee Cooperman of local tacos. All msiousAve Mmcbuyers would
have to complete a county-approved homebuyer education program prim m receiving approval to
meren ak in We Program The County would provide a pre.corno m,ent" letter to Ihn borrower, who
could Wcin porches¢a mandmd home available on We member tout shay could afford and feet sold f less
than We FHA maximum oaks price for this area The eligible burrower nano provide a mmimum of S750
crib conuiburom W this mnsamlom
Befuddlement of Substandard Housing — Second Mortgage: This program would provide direct
assistance to ehmble hurnmen es and 501(0)(3) nor Issue organizations thm own noel propmy for
readedgetion of units wind code violations.
Community Revitalization Lem Program: Loss program would provide aseigmce with the pmchace
and rehabilitation of existing property by fmteme homebuyers. The guidelines governing flue program
will be in commerce wuh We msfu,g Conroy and Tovm of Gapd Hill Pmgmrns with the name come.
Acguldtlon for Low Income Rental Homing: Funds would be used to assist local 501(cx3)
rob zations linemen, end, if necessary, reaovate available popary for Imse to low-income Ormge
Camry+osidents,
Urgent Repair Program The iaogmm would be used to provide funds Ln Ygmc repairs that cumin&
Potential life in Safety threats W law-income homeoamers and/or enable the elderly mW disabled to
vermin In their homes hyproviding ecsmmil accessibility modufwations.
Near Construction Wastructo
Assistance may be Provided m nm-mofit housing developers of new construction Projects for fire time
bomehuyem and/or renters. A Builder Participation Agreement would set aside a funding allocation for
second mongoges m d<velopersrhomeFUyers in a specific project. For rental projects. We use of Indent
memmes her awdifu and Scenon 8 watificaws ago vouchers most be udhred ifawllable
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ATTACHMENT 2— PROGRAM MONITORING AND REPORTING
el
G_ _- un AN ____ ___ __ will ear ablest ffi_ _
Al housing bond recipient agencies projects are repaired to file semi-annual project reports
with the Orange County Department of Housing and Community Development beginning
six months after the BOCC approves the award and ending with
final project report no later than two(2)module after project completion.These reports
will involve the completion of a standardized farm that is intended both to collect bmelne
Information on each phase of every project(prwdmolopment,development,and
marketing)u well as to provide m opportunity for se f-reparting on the particular details
of each project..
The Affordable Housing Advisory Board wiB
I)review the bond program semi-annua0y m monitor the housing band program,robe
Policy issues with staff and the BOCC,antl receive information,2)maintain a database to
f scilitam the dissemination and analysis of housing bond-related information,and 3)
prepare a Housing Bond Annual Report which will bald be made
available to all County residents and formally presented In the Orange County Board of
Commissioners during a regulorly,scheduled meeting.
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ATTACHMENT 3—LON — raw HOUSING AFFORDABILITY POi IP
Purpose: This policy establishes the acceptable strategies for counting long-term
affmdabiliy in all affordable housing programs supported by County financial resources.
Target Population:
Homeownership programs are targeted to families with incomes at or below 80% of the FHID
published area maiim income.
Rental housing programs are targeted to families wily, incomes at or below fff,, of the Hr1D
publishes area median incomes.
Deflations
Affordable Housing-isde Was(1)ownw-occupied Musingwhichcatbepmcbmedkrno
are tam 2.5 times to 3.0 tintes the total annual family income,or(2)rimathousiug forwhich
the momupem pays no more than 30%of gross income for all housing coats including utilities.
First-Doe homebuyerlQualified buyer - A first-time Mmebuyer for the purposes of this
program is my low income household that has not owned a home within the pan tare(3)years
including households living in menufactluM housing not permanently affixed to a enunciator, or
owner-occupants of homes not feasiblef revovaaon
f. ImpaR Bee Reimbursement Program(existing policy lest revised March 4,1998.)
A.0wner-0ecupied Housing
Any organization requesting impact fee reimbutarment must certify in writing,
that, for owner occupied housing,it will remain affordable to the mticipmM benaticiary,
or beneLCiaries for a period of mwinrmn oftdnety-mime(99)years or longer refunding
upon the funding source. This reyairoment will be secured by a Declaration of
Restrictive Covenants.
B.Rental Housing
An organization requesting impact fc remburmmmt for renal Musing must
certify that the property, will remain affordable her vinery-mine (99) years, The rental
housing certification must be aimed by a Bale memo of Restrictive Covenant requiring
repayment to Orange County of the impact fee if the rerW sousing does not resonant
affordable during the period of affoMabitity,which eovmmr will be fun ur secmal by a
note and deed of trust Evidence most be provided that agency and/or progam guidelines
ere in place to assure affordability,wmpliarce.
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11. Land Trust Model
The Lwd Treat model unless a non-profit, commodity based organization (mown as a
Community Lund Trust(CLT)whose pointed is to acquire land odd make it available to
individual families and voters,such ere cooperatives,Though a long-term lease for a term
up m 99 ywa. The leaseholders or h rnebuyers an not hold title tole land-the title is
retained by otc CLT- tM1ey own the improvements or housing wira/atructues on the land.
The benefits of this model include the ability of dre CLT b provide first-tune
homemwemhip opporlwities an the armed buyer as well as production of alfordsbifity
for future residents m the sale of buildings and other improvements on the land. Me
land lease gives dre CLT the first option to purchase the home, when and if it is sold, at
w affordable price set by a resale formula The resale drought gives homeowners a fair
much for their iaveatmrnt, while keeping the price of the housing urdWsructures
affordable for future residents.
III. New and Existing Fint-Time Homebuyer Programs
A. Period afAfPordabitry
All properties supported by County financial concentrate for the purpoad of facilitating
hamwwnership must remain att'ordable to familiar at or below aa/ of median income
for a minimum of ninety-nine(99)Year drum the date Of initial assistance.
B. Right of First Refusal
A right of that refusal or right to purchase is accomplished by mews of a Declension of
Restrictive Covenants an the property purchused by the fusbtime homebuyer. Any
assignment, sale, transfer, cwveywce, or other disposition of the Property or airy part
thereof whether voluntarily or mvolwtanly or by operation of law,C"Transfet) shall not
be effective unless and until too below-described pmcedurc is followed.
if the original honabuyor or any sdisequcsrt qualified homebuyer ("BUytt')
contemplates a Transfer to a non law-income bouaehold as defined herein, Buyer shall
send an Orange County shoot the sponsoring nonprofit mgevizatiom not less than 90
days prior to the contemplated closing date of the Transfer a"Notice of Immt to Sell."
This Notice of Intent to Sell shall be accompanied by a copy of a completed, fully
executed bona fide offer to purchase the Property on the th m common North Carolina Bar
Association "other to outhouse arW Contract" form, ff Orange County woor the
managing van-profit organizations elects to assumed its said right of ranged, it shall
notify the Buyer of its elective to purchase witfdn 30 days ofits receipt of the Notice and
shhall purchase tta Property or parties thermfwithin 90 days ofthe receipt of the"Notice
of Intent to Scll."As between the County odd the sentencing non-profit Organisation, if
both wish to odd have the means to exercise the right of first recent,the sponsoring non-
profit organization shell have priority,
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If neither Orange County nor the sponsoring non-profit orgmivtian advises the Buyer in
a timely motion' of an inimt to purchase the Property, then the Buyer shall be free to
Transfer the properly in accordance with the Equity Sharing subsection of this policy.
C. Equity Sharing
All financial contributions provided by the County will be provided as a de&emd
second loan secured by a forty (40) year Deed of Ernst and Promissory Note, forgivable
a the end of 40 years. Tbis Decd of Trust and Promissory Note shall constitute a lira on
Ilia Property; subordinate only to private construction fimucing or permanent first
mortgage Snandng.
The 99 year period of alienability for each individual homing unit will be
secured by a doclaredon of restrictive covenants that will incorporate a fight of first
remand that may be exercised by a sponsoring van-profit orpubmation and/or Orange
County. This declaration of msttictive covenants will be further secured by a dead of
cost.
The non-profit organization and/or the County as applicable reUws full
responsibility for compliance with the affordability requirement for assisted courts
tbrougheot the terms of affordability,uralws affordability restrictions are terminated due to
the sale of the Property to a von-qua died buyer.
If the buyer no longer uses the Property as a principal residence or is unable to
continue ownership, tom the buyer must sell, trausfer, At otherwise dispose of their
interest in due property only to a qualified homcbuyer.i.e., a low-income household one
whose combined income does rot ceased 80% of the area median household income by
family size,as determined by the U.S. Department of Housing and Urban Development a
the time of the transfer,to use as then principal residence.
However,if the property is sold during the tan ofaffordability to a von-qualified
homeb mar on be used as them principal reeidwce,the net sales proceeds(aides price lees:
1) selling cost, 2) the unpaid principal amount of the original first mortgage seat 3) the
unpaid principal smoant of the initial County contribution and any other initial
isma wemt contribution secured by a deferred payment promisttrcy time and deed of
must) or`equity" will be divided 51150 by the seller of the property and the Cowry. If
the initial County contribution does not have to be repaid because are sale occurs more
than ferry yearn alter the County contribution is made,then the seller of the Property and
Ed County will divide the eutire equity realized from the sale.
Any proceeds men the recapture of birds under this provision will be used m
facilitate the acquisitim-construction.and/orrehabJifation of housing fm dseputpoaca of
promoting affordable hosing.
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N. Policy Review
This policy will be reviewed by County staff and officials within two(2)yenta of
Ibe ongival approval date to enure continued congruency wiN local affordable
housing progretna.
Effttfive Date:April 3,2000
Revised:June 6,2000
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Summary of Public cud Board Comments
Housing Bond Policy
(Augus4 September 2002)
1. Comment; Include cooperative housing as an eligible activity for band funding
Response: Cooperative housing has been included as an eligible activity.
2. Comment: Include an Attachment on Basic UB features that con be applied to
'Fully accessible"homes but other housing types as well.
Respone: The Attachment is included as Attachment 5 oflhe Housing Bond Policy.
3. Comment: Include Land Backing in the initial round of Resistant for Proposals
(REPS)
Response: The Affordable Hauling Advisory Board(AHAB)is rot comfortable
proPasing specific Land Banking criteria at this time. (Land Banking Is the process of
purchasing land or improved property and holding itforfumm use.)
The Board continues to recommend that 20%of the pro ends available in the first round
($13 million)be reserved for land banking purposes at a Inter date. Further,ARAB
promises to develop complete, welt-researched guidelines for a Land BmeNng activity
within the net 60-90 days forpresentation to the Board of County Commusionersjw
approval.
In the interim,given thelact that Habimlfor Alumina fly has pressed an urgent interest
in this program,ARAB would suggest that Commy stfwork with that organization to
idea tfvoiherpoesiblefunding.mumesio address thetrimmediamacqulsition
flumbi/concerns.
0. Comment: Include a provision for evaluating propwnB that include rental,
homeownership and special needs housing as one integrated project
Response: As Policy addresses this concern by making an prmntive statement
under Eligible Projects that mkul-renweproposals are encouraged mail acceptable.
Additionally, the policy proaceveyencauragee non-traditional housing ivies as well
S. Comment: Allow at lent twelve mont hs Instead of the current six(6)months for
all outslde Funding sources to be seemed for a project
Response: The language of the PaJuy has been modified to concur with this
recommendation
6. Comment: Adjust Project Completion guidelines depending upon the sire of the
job.
Response: ARAB does not suggest any changes to these guidelines at this time.
7. Comment: More points should be awarded for repayment of bond funds.
Response: No changeproposed.
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S. Comment: ADacbment A—Eligible Projects should include a statementmat
some funds are provided as grow".
Response: No changeproposed.
9. Comment: Define a correct market analysis as presented m the Program
Monitoring and Reporting Section.
Response: Thor repamosent ii delmedfrone that section to avoid additional cosvm
10. Comment: Revise We County's Long-Term Housing Affordab0ity Polley,to
reconsider the Equity Sharing requirements.
Remmise: The County's Long-Term Homing Af rdabiliry Polley a a separate
policy that is Incorporated in to the Hewing Bond Policy by reference. The carrion
policy envinoned a biennial review, thin it v now time to review the policy. fhereymre,
1heA rdab[e Housing Advisory Board woWd like to review the Long Term Afrdabiliry
Policy completely and in conjunction wile local aff rdable housing advocams and
prrntders Wore recommending any chafes to the BI C.
11. Comment: Row will previonay allocated bond money [hat ID returned by me
recipient be reallocated?
Reepomm, The Affordable Housing Advisory Board wilt make a recommendation to
the BOCC regarding the reallocation of rearmed bond money in accordance with the
Houeeng Bond Podry in effect at shat time