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L INTRODUCTION The City of Santa Anaprovides financial assistance to support the acquisition, rehabilitation, and new construction of properties to preserve and increase affordable housing opportunities for lower income households through the following Programs: • Low and Moderate Income Housing Asset Fund (Housing Successor Agency Fund) including land assets owned by the Housing Successor Agency • hiclusionary Housing Fund • HOME Investment Partnerships Program(HOME) • Community Development Block Grunt Program (CDBG) • Project -Based Voucher Program(PBV) Under these Funds and Programs ("Programs"), the City provides deferred payment loans and/or grants to bridge the financial gap between available resources, including the borrower's/grantee's equity and private financing, and the costs of developing affordable multi -family housing. The Affordable Housing Funds Policies and Procedures ("Policies and Procedures") provides an overview of the types and terms of loans which are available, proposal requirements, review procedures, selection criteria, loan commitment and closing procedures, and project monitoring and reporting requirements of these varied Programs within one comprehensive source of reference. [Throughout this document, loans and grants may be referred to collectively as "loans" except when the terms are unique to a loan or to a grant] These requirements are minimum requirements for Participation in City Programs and are subject to approval by City Council. Meeting these requirements does not guarantee participation in any Program. The Citv reserves the right to require additional qualifications for individual Proiects. The Citv reserves the right to reiect anv and all Proposals. At a minimum these Policies and Procedures will be compared and reviewed to the Citv's progress to achieve the goals in the Housing Element each year. If it is determined that the City is not making adequate progress to achieve the goals of the Housing Element, staff will review these Policies and Procedures to determine whether they should be amended to more effectively achieve the goals of the Housing Element. These Programs are administered by the Housing Division of the City of Santa Ana (under the direct supervision of the Housing Division Manager, the direction of the Executive Director of Community Development, and the general supervision of the City Manager). These Policies and Procedures should be interpreted in conjunction with Federal, State, and City statutes and regulations governing the use of these funds. In the event of a conflict between these Policies and Procedures and such statutes and regulations, the requirements of those statutes and regulations shall prevail. All projects must comply with all applicable statutes and regulations, which may include federal requirements contained in 24 CFR 92, 570, 982, and 983, including, but not limited to, environmental reviews, labor and wage requirements, debarred contractors, lead -based paint and equal opportunity. Leveraging of City dollars (to the extent possible) with outside funding sources will continue to be a priority to preserve and increase affordable housing opportunities for low income households. Affordable Housing Funds Policies and Procedures Page 7 75B-72