Funding Policies & Guidelines
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1 Main Office - Department of Housing 264 Harbor Blvd., Building A Belmont, CA Housing Community Development Tel: (650) Housing Authority of the County of San Mateo Tel: (650) Board of Supervisors: Dave Pine Carole Groom Don Horsley Warren Slocum Adrienne J. Tissier Director: William Lowell SAN MATEO COUNTY-- AFFORDABLE HOUSING FUND Funding Policies & Guidelines 8/30/2013 San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13
2 SAN MATEO COUNTY -- AFFORDABLE HOUSING FUND (AHF) FUNDING POLICIES & GUIDELINES August 30, 2013 I. INTRODUCTION A. Purpose and Overview 1. In April 2013 the San Mateo County ( County ) Board of Supervisors approved the allocation of approximately $13.4 million of unrestricted General Funds for affordable housing purposes. These funds were derived from a one-time distribution of Housing Trust Funds held by former redevelopment agencies in San Mateo County. 2. These unrestricted general funds hereafter referred to as the San Mateo County Affordable Housing Fund ( AHF ) have been set aside to provide financial assistance for the development of affordable housing and provision of emergency shelter in the County. 3. The Board of Supervisors specified that 25%, or approximately $3 million, of the total allocation go toward homeless shelter construction and improvements ( Shelter category ), while 75%, or approximately $10 million, go toward the following: development of affordable rental housing projects in former redevelopment agency cities ( former RDA cities ) that were in the planning stages of development at the time the agencies were dissolved, or affordable rental housing projects in the unincorporated county; and to acquisition or acquisition/rehab of small-site transitional or permanent housing for special needs populations anywhere within the county ( Affordable Rental Housing category ). 4. AHF loans may finance predevelopment, site acquisition, acquisition or acquisition/ rehab of existing non rent-restricted housing, relocation of current tenants, and construction costs associated with affordable rental housing, shelter development, and shelter renovations. 5. As the Board of Supervisors intended the AHF to be used to expand the supply of rent-restricted affordable rental housing and shelter capacity, AHF funds may not be used solely to refinance an existing rent-restricted affordable housing complex, fund repairs or rehabilitation of rent-restricted affordable housing except as part of an acquisition/rehabilitation of non rent-restricted housing or buildings, or support the conversion/rehabilitation of existing affordable rental housing at the end of the initial tax credit compliance period. 6. For purposes of the AHF, the Affordable Rental Housing category includes deedrestricted permanent multifamily rental housing serving households with incomes at or below 60% of Area Median Income, which may include special needs San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 2 of 15
3 populations; and transitional housing, group homes, and other types of congregate facilities that serve special needs populations. The Shelter category refers to homeless shelter facilities providing time-limited stays, which offer various on-site support services and connect residents to mainstream benefits and services. 7. Applications for AHF loans will be available as part of the two Notices of Funding Availability (NOFAs) that have been issued by the County s Department of Housing ( Department ) in conjunction with these AHF Policies & Guidelines. 8. Projects funded with AHF loans must comply with these Funding Policies & Guidelines, with applicable portions of the Department s loan policies, and with the County s overall policies and requirements governing County contractors. As AHF funds are not federal funds, certain requirements such as the NEPA environmental review and HOME rent and income requirements will not apply to AHF loans. B. Authority 1. On April 9, 2013 the County Board of Supervisors approved in concept the allocation of approximately $13.4 million of unrestricted General Funds for affordable housing purposes. 2. On July 23, 2013, the County Board of Supervisors approved a resolution authorizing the Director of the Department of Housing or the Director s designee to conduct a process to allocate the above-referenced General Funds. The Department was authorized to accept and process loan applications. 3. As part of the AHF implementation process, the Department has developed these Funding Policies & Guidelines. The Department will accept and process loan applications per the provisions of these Policies & Guidelines and applicable funding source rules, interpret these Policies & Guidelines, and administer loans pursuant to the criteria established in these Policies & Guidelines. Any requests for exceptions to the Policies & Guidelines would require the approval of the Board of Supervisors. C. Source and Amount of Funding The source of the County s Affordable Housing Funds is a one-time distribution of Housing Trust Funds held by former redevelopment agencies in San Mateo County. Until their dissolution, 13 redevelopment agencies (RDAs) operated within cities in San Mateo County. The RDAs were required to set aside 20% of their gross taxincrement revenue into a Low-Moderate Housing Fund to be used for development of affordable housing. Following dissolution of the RDAs, these funds were distributed by formula to other taxing entities. Approximately $58 million has been distributed to date, of which the County s share is approximately $13.4 million. San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 3 of 15
4 II. DEFINITIONS A. Affordable Housing Fund or AHF. The County-approved allocation in April 2013 of approximately $13.4 million of unrestricted County general funds for affordable housing purposes, including projects in both the Shelter category and Affordable rental housing category. B. AHF-assisted unit. A residential unit that is subject to rent and occupancy restrictions as a result of the financial assistance provided by the AHF, as specified in the AHF loan agreement, or the AHF loan agreement and Affordable Housing Agreement in the case of permanent affordable multifamily rental housing. AHF-assisted units shall be units targeted to households with incomes at or below 60% of Area Median Income (AMI), and 10% of AHF-assisted shall be targeted to households with incomes at or below 30% of AMI. C. Affordable rental housing projects. For purposes of the AHF, this includes deedrestricted permanent multifamily rental housing serving households with incomes at or below 60% of Area Median Income, which may include special needs populations; and small-site acquisition housing projects for special needs populations which may be either transitional or permanent housing. D. Affordable Rental Housing category. For purposes of the AHF, this means projects referred to in (C.) above. E. Emergency Shelter. Using the definition from the San Mateo County HOPE Plan (March 2006), this refers to facilities providing short-term stays of up to 90 days, with on-site services that typically focus on crisis intervention, stabilization, and obtaining a source of income. In emergency shelter facilities, residents do not hold leases or pay rent. F. Former RDA cities. This refers to cities in San Mateo County in which a redevelopment agency formerly operated up to the time of the agency s dissolution in February These former RDA cities are: Belmont, Brisbane, Daly City, East Palo Alto, Foster City, Menlo Park, Millbrae, Pacifica, Redwood City, San Bruno, San Carlos, San Mateo, and South San Francisco. G. Projects in the planning stages of development in former-rda cities at the time of dissolution of the redevelopment agency. This means affordable rental housing projects and/or sites in former-rda cities for which, prior to publication of this NOFA, one or more of the following applied: (a) the proposed developer had site control, (b) a planning application for the affordable housing project had been submitted to the city, (c) the project or site had been identified by the city as a potential multifamily affordable housing site, or as an affordable housing site which can accommodate an increase in the number of affordable housing units, or (d) negotiations had been initiated on an exclusive negotiation agreement between the land owning agency and the proposed developer which specifically include affordable housing. H. Rental unit. In addition to residential dwelling units containing a separate kitchen and bedroom(s), for purposes of the AHF a rental unit may include a Single-Room-Occupancy unit, an efficiency unit, or a lockable bedroom that is occupied by a person as part of a San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 4 of 15
5 permanent or transitional housing project, e.g., in a shared housing complex, group home, or congregate living facility. Rental units may include units for which the occupant pays a rent as well as units for which the occupant is not charged rent. I. Shelter category. This includes facilities providing emergency shelter or emergency shelter combined with transitional housing. J. Small-site housing acquisition projects for special needs populations. This means projects which may be single site or scattered-site projects -- involving acquisition or acquisition and rehabilitation, of existing non rent-restricted housing or non-residential properties for creation of permanent or transitional housing for special needs populations. The acquired properties may consist of: single-family homes, duplexes, tri-plexes, fourplexes, small multifamily buildings, or other configuration of units; or other structures such as motels and SROs. A project may not exceed a post-acquisition capacity of 25 rental units for any one site. K. Special needs populations. For purposes of the AHF, this refers to persons needing supportive housing services that assist them to stabilize, maintain their housing and live as independently as possible. Special needs populations may include homeless persons; persons with serious mental illness or other health conditions; persons with developmental or other disabilities; frail elderly; transition-age youth; victims of domestic violence; persons recovering from substance abuse; and persons recently released from jail or prison. L. Transitional housing. Using the definition from the San Mateo County HOPE Plan (March 2006), this refers to housing of a time-limited duration (typically 3 to 10 months or longer), where intensive services generally including case management are provided with a focus on developing a plan to secure permanent housing and increase self-sufficiency. III. FUNDING PRIORITIES AND CRITERIA A. Funding Priorities The following funding priorities were outlined by the Board of Supervisors: Assisting shelter construction and renovations Assisting affordable rental housing projects that: were in the planning stages of development in former-rda cities at the time the agencies were dissolved; or that are in the unincorporated county Assisting acquisition or acquisition/rehab of small-scale transitional or permanent housing for special needs populations anywhere within the county B. Qualification and Preference Funding Criteria for Funding Categories Following are the qualification and preference funding criteria to be used when evaluating loan applications. Qualification criteria are the minimum or threshold qualifications that projects must meet to be eligible for funding, and projects must meet all qualification criteria to receive AHF funds. Projects meeting one or more preference criteria have a San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 5 of 15
6 greater competitive advantage over projects meeting only the qualification criteria. Other considerations affecting funding decisions may include availability of funds in a funding category, total amount of funding requests in that funding category, and the goal to assist a variety of worthy projects. 1. Multifamily Rental Housing Projects (Affordable Rental Housing Category) Qualification Criteria: a. Application presents a fully developed project concept including use of the housing, parties responsible for project development and operations, and financial feasibility. b. In former RDA city, or in the County unincorporated areas. c. Ready for occupancy within 5 years from receipt of AHF funds. Readiness will be gauged by status of land use entitlements as well as degree to which other funding commitments have been secured. d. County contribution leverages other public and private sources including city funds if in a former RDA city. (City funds will need to be committed prior to execution of applicant s contract for AHF funds.) e. Permanent housing (not shelter or transitional). f. At least two percent (2%) of the units in a project, with a minimum of one unit in a project, shall be targeted to the homeless, as defined by HUD. Applicants shall round up when determining the targeted number of units. Preference Criteria: a. Ready for occupancy sooner than 5 years from receipt of AHF funds. Readiness will be gauged by status of land use entitlements as well as degree to which other funding commitments have been secured. b. County contribution leverages other public and private sources, including city funds committed at the time of application submission if in a former RDA city. c. Includes units funded with Mental Health Service Act Housing funds/ or receiving other supportive services operating or capital subsidies. d. Greater percentage of units targeted to households at or below 35% of AMI, residents who are homeless (as defined by HUD), or MHSA-eligible households. 2. Small-Site Acquisition Housing (Transitional or Permanent) for Special Needs Populations (Affordable Rental Housing Category) Qualification Criteria: a. Application presents a fully developed project concept including use of the housing, parties responsible for project development and operations, and financial feasibility. b. Sponsor capacity to successfully complete project and sustain it over time. c. Project manager capacity to successfully manage project to completion. d. Operator capacity to successfully manage project. e. Development and Operating budgets are financially feasible. San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 6 of 15
7 Preference Criteria: a. Greater state of readiness and can proceed more quickly to completion. b. Greater leveraging from other funds. 3. Shelters (Shelter Category) Qualification Criteria: a. In localities with demonstrated need for additional shelter capacity as documented by the 2013 San Mateo County homeless count. b. Has evidence from the jurisdiction(s) with land-use authority that the project is allowable by-right or by permit. c. Sponsor capacity to successfully complete project and sustain it over time. d. Project manager capacity to successfully manage project to completion. e. Operator capacity to successfully manage project. f. Development and Operating budgets are financially feasible. Preference Criteria: a. Greater state of readiness and can proceed more quickly to completion. b. Leverages other funds. c. Increases the number of individual shelter beds or family units. IV. ELIGIBLE USES The following eligible costs apply to all types of projects, except where noted. A. Predevelopment 1. Eligible predevelopment costs may include, but are not limited to, costs of local, state- and federally-mandated tenant and business relocation, site plan and other site design studies, architecture and engineering fees, soils testing and other environmental review costs, planning fees, and project management expenses. 2. AHF funds are not available to pay for the applicant s overhead and general costs of operation or site search costs. 3. Eligible costs initially paid with the applicant s own or borrowed funds may be reimbursed with AHF loan proceeds without regard to the date on which they were incurred. 4. For new construction multifamily housing projects, the applicant must possess site control or own the site at the time of application. An executed long-term lease, signed option or purchase agreement or equivalent, legally enforceable instrument may satisfy this requirement. [Note: this requirement does not apply to shelter projects or small-site housing acquisition projects.] San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 7 of 15
8 B. Site Acquisition 1. The applicant may request funds to apply toward site acquisition costs such as purchase agreement deposits, option payments, other site control costs, the purchase price of the site, repayment of the loan(s) that originally financed the purchase of the site (i.e., take- out financing), and other purchase costs such as buyer s share of closing costs. The AHF will not fund acquisition costs in excess of the current appraised value of the property. 2. Eligible costs may be reimbursed without regard to the date on which they were incurred. 3. The applicant must possess site control or own the site at the time of application. An executed long-term lease, signed option or purchase agreement or equivalent, legally enforceable instrument may satisfy this requirement. [Note: this requirement does not apply to shelter projects or small-site housing acquisition projects. However, no AHF funds for site acquisition will be distributed until site control is achieved.] C. Construction 1. Eligible construction costs include demolition, on- and off-site improvements, construction of new residential units and non-commercial common areas that are an integral part of a residential development, and rehabilitation of existing units that are part of an acquisition/rehab of non rent-restricted housing. 2. For new construction of shelter facilities or mixed-use shelter projects, or for renovation/expansion of shelter facilities, eligible construction costs include, in addition to those listed above, costs associated with construction, expansion, or renovation of the shelter facility. 3. For acquisition or acquisition/ rehab projects, eligible construction costs for repairs, renovations and/or rehabilitation include only costs associated with the provision of safe, sanitary and decent housing that meets the needs of the targeted population(s) that will occupy the housing. 4. Certain construction soft costs are also eligible, including project management, development impact fees, and building permit fees. 5. AHF loan proceeds may not be used to pay late or penalty fees or the applicant s overhead and general costs of operation. 6. Eligible costs may be reimbursed without regard to the date on which they were incurred. 7. The applicant must possess site control or own the site at the time of application. An executed long-term lease, signed option or purchase agreement or equivalent, legally enforceable instrument may satisfy this requirement.. [Note: this requirement does not apply to emergency shelter projects or small-site housing acquisition projects. However, no AHF funds for construction will be distributed until site control is achieved.] Please note that operating costs are not eligible in any form. San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 8 of 15
9 V. LOAN TERMS A. Loan Amount The AHF will provide low-interest loans to eligible projects. The minimum loan amount will be $100,000. The maximum loan amount is as follows: 1. New Construction/ Acquisition/ and Acquisition/Rehab of Multifamily Affordable Rental Housing a. Maximum loan amount is $50,000 per AHF-assisted unit, but not to exceed $3 million per project. b. Additionally, the maximum loan amount is not to exceed the lesser of: 100% of the then currently available AHF fund balance for the Affordable Rental Housing category, or the amount needed for project financial viability. 2. Small-site Acquisition / Acquisition/Rehab Housing for Special-Needs Populations a. For this sub-category of the Affordable Rental Housing category, the maximum amount of AHF funds available is $2 million total. b. Maximum loan amount per project is: $50,000 per unit plus $10,000 per bedroom for a Multi-family building site, or $100,000 per bedroom for a Singlefamily site. c. Additionally, the maximum loan amount is not to exceed the lesser of: 100% of the then currently available AHF fund balance for the $2 million sub-category of the Affordable Rental Housing category, or the amount needed for project financial viability. 3. Shelters a. Maximum loan amount is $2 million per project. This maximum is the cumulative total of all AHF loans that may be made to the project over time, including any predevelopment, site acquisition, or construction/ renovation loans. b. Additionally, the maximum loan amount is not to exceed the lesser of: 100% of the then currently available AHF fund balance for the Shelter category, or the amount needed for project financial viability. B. Interest Rate and Repayment The interest rate and loan repayment terms for all AHF loans shall be subject to the Department of Housing loan policies. Typically, affordable rental housing loans for new construction, acquisition, or acquisition/rehab projects are structured as nonrecourse, 3% simple, residual-receipts loans. Shelter-related construction or renovation loans will be structured as non-recourse, 3% simple interest deferred loans. For more detailed information on Department of Housing loan policies, please contact the staff member listed in the AHF NOFA announcements. San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 9 of 15
10 C. Term The term of the AHF loans shall initially be four years. However if satisfactory progress is being made toward the milestones listed in the loan contract, the term of the loan may be extended. Upon successful completion of site acquisition and predevelopment activities, at the close of construction financing the AHF loans will become long-term loans. Typically the term is thirty years; however, the loan term will be determined based on the project s other sources of funding; e.g., for projects receiving Low Income Housing tax credits, the AHF loan term will be 55 years from project completion. D. Summary of Loan Terms Loan Amount Interest Rate and Repayment Term Eligible Borrower Housing Type (see (A.) above (see (B.) above (see C.) above Multifamily Affordable Rental Housing: Nonprofit, For-Profit individuals & entities Small-Site Acquisition Housing for Special-Needs Populations: Nonprofit entity Shelter: Nonprofit entity Multifamily Affordable Rental Housing: Permanent multi-family rental housing. Small-site Acquisition Housing for Special-Needs Populations: May be permanent or transitional housing. Housing may consist of multi-unit building(s); single-home residence(s) occupied by several tenants; shared housing; group home(s) or other types of congregate living facilities. Affordability Targeting Loan Review Shelter: Shelter facilities. Units eligible to receive AHF funds must be targeted to households at or below 60% of Area Median Income (AMI). At least 10% of AHF-assisted units must be targeted to households at or below 30% of AMI. Multifamily Affordable Rental Housing: Applications reviewed by Dept. of Housing staff and the Housing & Community Development Committee (HCDC) Small-site Acquisition Housing for Special-Needs Populations: Applications reviewed by Dept. of Housing staff and the special Advisory Committee Loan Approval Fee Security/ Lien Position Loan to Value Shelter: Applications reviewed by Dept. of Housing staff and the special Advisory Committee All recommendations for funding forwarded to the County Board of Supervisors. Board must approve all AHF loans. 1% of the loan amount. (No fee for loan extensions.) Secured by an interest in real property*. In certain cases, a letter of credit or interest in other acceptable collateral may suffice. Will subordinate. *At Department of Housing discretion, loans for projects where site control has not yet occurred may be unsecured until the site is acquired. The loan will then be secured against the property when it is acquired. Loan proceeds for Site Acquisition shall not exceed 100% of current appraised value. San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 10 of 15
11 Affordability Covenant Non- Recourse See details in Section ( F.) below. Affordability covenant shall be required and shall extend for the same period as the loan term. All AHF loans shall be non-recourse loans secured by real estate pursuant to the provisions of Dept. of Housing loan policies. E. Proceeds from AHF Loans Proceeds from the repayment of AHF loans shall be deposited in the AHF and may be made available, subject to Board of Supervisors approval, to provide financing for new AHF loans for any purpose eligible under these Policies & Guidelines. F. Affordable Housing Agreement Permanent Multifamily Rental Developments 1. Concurrent with recording of the AHF loan agreement and deed of trust, the County will record an Affordable Housing Agreement (AHA) with the developer. The AHA will memorialize the affordability restrictions and other requirements that attach to the AHF loan. For permanent affordable multifamily rental developments utilizing tax credits, the AHA will remain in force for fifty-five (55) years from project completion. 2. Where the Department s Director determines, after consultation with County Counsel, that one or more federal, state and/or local financing programs available to a project will achieve results that are equivalent to, or more effective than, the affordability or other public purpose of the AHF, and that such financing programs are otherwise compatible with the AHF and applicable County and Department policies and objectives, the Department s Director is authorized to modify AHF loan terms, policies and/ or the Affordable Housing Agreement, to the degree necessary for the project to utilize those financing sources. VI. SPECIAL TERMS AND CONDITIONS A. Determination of AHF-Assisted Units AHF-assisted unit means a residential unit that is subject to rent and occupancy restrictions as a result of the financial assistance provided by the AHF, as specified in the AHF loan agreement, or the AHF loan agreement and Affordable Housing Agreement in the case of permanent affordable multifamily rental housing. At a minimum, the percentage of units within a project that are considered to be assisted must be proportionate to the ratio of AHF funds to the total development cost for the project. B. Affordability Requirements: All AHF-assisted units in permanent multifamily rental developments utilizing tax credits must remain affordable for a minimum of fifty-five (55) years. San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 11 of 15
12 1. Income Limits: All AHF-assisted rental units must be restricted and affordable to households at or below 60% of Area Median Income (AMI) for San Mateo County as published annually by the United States Department of Housing and Urban Development (HUD). At least 10% of all AHF-assisted units must be restricted and affordable to households at or below 30% of AMI. After initial qualification and upon recertification of household income, a household occupying an AHF-assisted unit may have its rent increased as a result of increases in household income, consistent with project rules and requirements. 2. Affordability and Physical Distribution of the Rental Units: The Department must approve the affordability mix of the development. The AHF-assisted units should be distributed by unit size, amenity mix, and income affordability throughout the entire development. a. AHF-assisted units in the development will be floating units: Upon recertification of household income, if a household no longer qualifies to occupy their AHF-assisted unit at the initially targeted affordability level for that unit, then the next available comparable AHF-assisted unit shall become designated to target households at the same initially targeted affordability level as the recertified household s unit. The objective is to ensure the development maintains the initial affordability-mix of the AHF-assisted units over time. b. Rent Limit Compliance: The Department will periodically monitor the development to ensure that the AHF-assisted units are in compliance with these affordability requirements, and that procedures used to calculate the maximum tenant-paid rent for AHF-assisted units are consistent with the project s policies and requirements. VII. LOAN SUBMISSION, REVIEW AND APPROVAL PROCESS A. Notices Of Funding Availability The Department issued two (2) Notices of Funding Availability (NOFA) on August 30, These NOFAs are posted on the Department s website, at: There is a separate submission process for these NOFAs, as described below: NOFA for Permanent Multifamily Affordable Rental Housing 1. The NOFA for Permanent Multifamily Affordable Rental Housing applies to permanent multifamily affordable rental housing projects in cities which formerly operated a redevelopment agency or in the unincorporated County. 2. Applicants for this NOFA must submit funding proposals to the Department by 5:00 p.m. on October 11, 2013 as stated in the NOFA. Project applications must be complete by the deadline date to be considered eligible for funding. San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 12 of 15
13 Applications that do not include all required information, or do not have complete answers to all applicable questions, will be deemed ineligible for funding. Please Note: Proposals may not be materially revised and/or submitted after the deadline date. In addition, once a proposal is awarded funding by the County it cannot be materially revised prior to execution of loan agreement and closing of escrow. NOFA for Small-Site Acquisition Housing for Special Needs Populations and for Shelters 1. The NOFA for Small-Site Acquisition Housing for Special Needs Populations and for Shelters applies to (a) acquisition or acquisition/rehab of small-site transitional or permanent housing for special needs populations anywhere within the county, and (b) construction of shelters or shelter renovations/expansion. 2. Applications for this NOFA will be considered through an over-the-counter process. Project applications may be submitted anytime from September 1, 2013 through March 31, Applicants are encouraged to discuss potential applications with Department staff prior to submission. Applications that do not include all required information, or do not have complete answers to all applicable questions, may be returned to the applicant for corrections. B. Review and Approval Process 1. For projects submitting applications in response to the NOFA for Multi-family Affordable Rental Housing, Department staff will review the application and forward a staff report and funding recommendation to the Housing and Community Development Committee (HCDC). The San Mateo County HCDC, appointed by the Board of Supervisors, will assume responsibility for reviewing all proposals after staff has assessed compliance with threshold eligibility criteria and summarized their analysis of each proposal in a staff report intended to assist the HCDC in their review and recommendation process. The HCDC will conduct a public hearing in December 2013 to receive testimony regarding proposals submitted for AHF funding in response to this Multi-family Affordable Rental Housing NOFA. The HCDC will formulate a funding recommendation to the Board of Supervisors including a list of projects recommended for funding, the level of funding recommended and conditions to be satisfied prior to funding, if any. The HCDC will not recommend funding for any project unless a representative from the applicant is present at the hearing to answer questions about the proposed project. 2. For projects submitting applications in response to the NOFA for Small-site Acquisition Housing for Special Needs Populations and Shelters, Department staff will review the application and forward a staff report and funding recommendation San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 13 of 15
14 to a special advisory committee ( Advisory Committee ) assembled in consultation with Behavioral Health and Recovery Services and the Center on Homelessness. This Advisory Committee will review proposals after staff has assessed compliance with threshold eligibility criteria and summarized their analysis of the proposal in a staff report. The Advisory Committee will also conduct a public hearing to take testimony regarding the proposals submitted for AHF funding in response to the NOFA for Small-Site Acquisition Housing for Special Needs Populations and Shelters. The Advisory Committee will then formulate a funding recommendation to the Board of Supervisors including the level of funding recommended and conditions to be satisfied prior to funding, if any. The Advisory Committee will not recommend funding for any project unless a representative from the applicant is present at the hearing to answer questions about the proposed project. 3. Board of Supervisors Final Approval The HCDC and Advisory Committee recommendations, along with all written comments received during the public hearing and supplementary Department staff comments and recommendations, will be submitted to the Board of Supervisors for approval. The Board is the final decision-maker for determining AHF awards. C. Loan Closing and Disbursement of Funds The Department and borrower will close escrow on the AHF Affordable Housing Agreement (if applicable) and the AHF loan in the same escrow and in that order. Upon receipt of satisfactory documentation from the applicant, the Department will disburse AHF loan proceeds either to escrow to pay site acquisition costs, or to the applicant to reimburse the applicant for site acquisition, predevelopment, and/or construction costs. In special cases warranting such action, and at Department s discretion, Department may, upon written instructions from borrower, pay borrower s vendors directly upon submission of invoices for completed work in excess of $5,000 for predevelopment and/or construction costs. For construction costs, the Department will disburse AHF loan proceeds for construction progress payments that the borrower s appointed representative has approved as an accurate statement of work completed. VIII. COMPLIANCE MONITORING If an AHF-assisted development is subject to monitoring by another agency, such as the California Tax Credit Allocation Committee, the California Housing Finance Agency, the U.S. Department of Housing and Urban Development, and other federal, state or local public agencies, and the other agency s affordability requirements are the same or more restrictive than the AHF affordability requirements, the borrower may be able to reduce or avoid paying AHF monitoring fees. Annually, during the term of the affordability period, the borrower will submit evidence of the other San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 14 of 15
15 agency s affordability requirements and the development s compliance with those requirements. The submitted documentation must be sufficiently detailed for the Department to confirm whether the AHF-assisted development or units are in compliance with the AHF affordability requirements. For all AHF units not subject to the same or more restrictive requirements, or if evidence of another agency s monitoring is not submitted by the date due to the Department or is not sufficient for the Department to monitor compliance with AHF Program affordability requirements, the Department shall charge the borrower an annual monitoring fee of $1,000 per monitored development, or $100 per monitored shelter, transitional housing, group home or other congregate special needs facility. The developer shall submit annual compliance reports and tenant rosters on forms that the Department shall provide. The annual compliance report that the borrower submits to the Department will include (if applicable) a tenant roster listing household size, income and rent for each tenant in an AHF-assisted unit. The Department shall review reports for compliance with the AHF Program requirements, shall require the developer to correct violations of those requirements, and may request additional documentation from the borrower, as the situation dictates. The Department may conduct periodic site visits to AHF-assisted projects. During the visits, Department representatives may interview the resident manager, review a sample of the on-site tenant files, inspect a sample of the units of varying size and affordability, and tour the common areas and grounds of the development. The Department will prepare a written report of each site visit. VIII. REPORTING TO BOARD OF SUPERVISORS Department staff will report back to the Board of Supervisors on or about March 1, 2014 regarding activities of the AHF and progress in committing funds. In addition, staff will be forwarding to the Board funding recommendations from the HCDC and special Advisory Committee for specific projects as these recommendations are prepared. San Mateo County AHF FUNDING POLICIES & GUIDELINES 8/30/13 Page 15 of 15
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