Laserfiche WebLink
HOME Investment Partnerships Program <br />Source of Funds <br />Funding for this Program is provided through the U.S. Department of Housing and Urban <br />Development (HUD) HOME Program (including program income and residual receipts), and <br />therefore is subject to the federal mles and regulations found in 24 CFR Part 92, as amended <br />from time to time. <br />Eligible Borrowers/Grantees <br />Eligible borrowers are nonprofit Housing Development Corporations (HDC's) duty organized to <br />promote and undertake community development activities on a not -for -profit basis, and which <br />have a valid 501(c)(3) or (4) designation from the IRS, or for -profit housing developers or <br />development corporations, with proven capacities to develop, own, and operate affordable <br />housing. Limited partnerships whose general partners are otherwise eligible under the above me <br />also eligible to borrow Program funds. <br />Eligible Projects <br />Projects eligible for HOME funding shall: <br />(1) be rental projects located in the City of Santa Ana; <br />(2) contribute to the achievement of the City's Strategic Plan and fair housing goals; <br />(3) involve 4 or more apartments which will be rented to eligible lower income <br />households at rents that do not exceed rents as defined by 24 CFR 92.252, as <br />amended from time to time. Projects serving persons with special needs, or where the <br />City Manager finds that the project will provide a substantial public benefit, may have <br />fewer than four units. Transitional or permanent supportive housing may be provided <br />(but not temporary shelters). <br />Affordable Housing Funds Policies and Procedures Page 28 <br />75B-93 <br />