2004-09-21_Agenda - Laserfiche WebLink

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3. Funding will be balanced geographically between the City of Saint Paul and suburban Ramsey County communities. 4. Projects will be evaluated based upon the extent to which they address the need for affordable and accessible housing for the County’s lowest income residents and/or those with additional need for supportive services. The County will follow generally accepted underwriting criteria in analyzing project financing, expense and revenue projections. Developers should have a successful track record in mixed- and low- income housing, a good credit history, and demonstrate through adequate reserves that funding will be adequate to support the project in the event of a problem. 5. All projects must receive the support of the jurisdiction in which they will be located. Housing Endowment Fund applications must have the written support of elected officials; a formal resolution of support for the project must be in place before funding agreements are executed. Proposers should have site control prior to requesting Housing Endowment Fund gap financing and demonstrate that there will be a net gain of affordable housing units upon completion of the project. 6. The HRA staff will report to the HRA Board on the status of the fund, including time spent to administer the endowment fund, as appropriate. Fund Availability and Repayment 1. The Housing Endowment Fund offers financing of last resort; all other sources of financing should be exhausted prior to requesting Housing Endowment Fund. Developers may apply for up to $20,000 per unit for units affordable/accessible to households at 50% of the area median income and up to $50,000 per unit for units that will be affordable/accessible for households with incomes at 30% or less of the median income. For those housing developments that will house the very lowest income families, these limits assume federally funded project based certificates will be attached to each unit. 2. There is no typical affordable housing development; nor is it likely that a single financing scheme will meet the requirements of all proposals. However, there is an expectation of repayment of the Housing Endowment Fund award at the earliest possible time. Terms and conditions of repayment will be flexible and considered on a case-by-case basis depending upon anticipated project impact on the identified need, overall project development costs, expense and revenue streams, and unusual situations or expenses. Housing Endowment Fund Rev. 12/19/03