75B - PH AMEDNING CH 41 HOO - Laserfiche WebLink

Home Browse Search

Definitions Available Funds: The total amount of Inclusionary Housing Funds, HOME Investment Partnerships Program, Community Development Block Grant Program, Project -Based Voucher Program, Low and Moderate Income Housing Asset Funds (Housing Successor Agency Funds) and/or any other funds received by the City of Santa Ana for housing purposes as published on a quarterly basis in the Housing Division Quarterly Report. Inclusionary Housing Fund In -Lieu Fee pending payments and any other funds that have not yet been received by the City shall not be considered Available Funds. Affordability Restrictions: Covenants that shall run with the land and bind a property owner, its successors, its assignees and every successor in interest to a property that the property owner will make all subsidized rental units on the property available to extremely -low, very -low, low and/or moderate -income households at rents affordable to such households for at least fifty-five (55) years unless superseded by the regulations for an applicable program fund. Oi The City of Santa Ana when using the Inclusionary Housing Fund, HOME Investment Partnerships Program, and/or Community Development Block Grant Program funds; or the Housing Authority of the City of Santa Ana when using the Project -Based Voucher Program and/or Low and Moderate Income Housing Asset Fund (Housing Successor Agency Fund). Community Housing Development Organization (CHDO): A private nonprofit housing development corporation which meets a series of HUD qualifications prescribed in the HOME Program regulations, including the requirement that it is duly organized to provide decent housing that is affordable to low- and moderate -income persons; maintains at least one-third of its governing board's membership for residents of low-income neighborhoods, other low-income residents, or elected representatives of low-income neighborhood organizations; and, provides a formal process for low-income program beneficiaries to advise the organization in its decisions regarding the design, siting, development, and management of affordable housing. Community Based Development Organization (CBDOI: A Housing Development Corporation which meets the requirements of the CDBG Program regulations as defined in 24 CFR 570204(a)(2)(c)(1), as amended from time to time. Congregate Housing: A multi -family residential facility with shared kitchen facilities, deed - restricted or restricted by an agreement approved by the City for occupancy by low or moderate income households, designed for occupancy for periods of six months or longer, providing services which may include meals, housekeeping and personal care assistance as well as common areas for residents of the facility. Deed of Trust: Legal title in the property that is transferred to the City, which holds it as security for a loan provided by the City. Development of Affordable Housing: The process of creating affordable housing through acquisition and/or rehabilitation of eligible properties for rental or transitional housing; Affordable Housing Funds Policies and Procedures Page 4 75B-69