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Inclusionary Housing Fund Source of Funds Funding for this program is provided using revenues generated through in -lieu fees from the City of Santa Ana Housing Opportunity Ordinance (revised and adopted by City Council in October 2015). Eligible Borrowers/Grantees Eligible borrowers are nonprofit Housing Development Corporations (HDC's) duly organized to promote and undertake community development activities on a not -for -profit basis, and which have a valid 501(c)(3) or (4) designation from the IRS, or for -profit housing developers or development corporations, with proven capacities to develop, own, and operate affordable housing. Limited partnerships whose general partners are otherwise eligible under the above are also eligible to borrow Program funds. Eligible Proiects Funds can be used to increase and improve the supply of housing affordable to moderate 120% AMI, low (80% AMP, very -low (50% AMD and extremely -low —income (30% AMq households in the City. Eligible rehabilitation projects will: (1) be in need of rehabilitation as defined herein; (2) be located in the City of Santa Ana; (3) be free from significant adverse environmental impacts, except those that can be mitigated through rehabilitation; and (4) avoid permanent involuntary tenant displacement to the greatest degree feasible in order to carry out the program. Eligible projects which involve new constmction or conversion of an existing non-residential use will conform to items (2), (3), and (4) above. Eligible Uses and Activities Funds can be used to make loans to eligible borrowers to provide affordable housing, for moderate (120% AM➢, low (80% AMU), very -low (50% AMII and extremelv-low income (30% AMD households'--- __a - ---• '---- �'a,., including, but not limited to, the following: 1_ae"isition Acquisition and rehabilitation of eligible rental properties. Existing rental units may be acquired, substantially rehabilitated and then income and affordability covenants can be recorded on the units for rental or ownership. a. Defined as rehabilitation of a dwelling unit that has substantial building and Formatted other code violations such that the unit is returned to the Citv's housing supply as decent, safe and sanitary affordable housing. The housing roust comply with all local building and zoning codes and standards, including energv efficiencv and water conservation standards, and meet housing qualitv Affordable Housing Funds Policies and Procedures Page 26 75B-91