Laserfiche WebLink
184 <br />then the funds will be receipted (principal and interest) into IDIS as program income. Up <br />to ten percent of the program income may be used for administrative costs. These <br />recaptured funds are identified in the City’s accounting system by a unique recaptured <br />revenue object number. Any recaptured funds will be used by the City before committing <br />HOME funds from the City’s line of credit. <br />When the City uses a resale restriction, the City allows property sales to eligible income <br />households, provided the sales price does not exceed an affordable housing cost to the <br />proposed transferee ("Permitted Transfers"). If a homebuyer wishes to transfer the property <br />during the affordability period, they must notify the City beforehand by submitting a Notice <br />of Intent to Transfer. This notice should include the identity of the proposed transferee, <br />their household income, and the proposed sales price so that the City may determine that <br />the homebuyer’s household income and the sales price meet the affordable housing cost <br />criteria. <br />The term of the period of affordability is determined according to the amount of HOME <br />funds invested (see chart above under Recapture) and a long-term affordability covenant <br />will be recorded against the property in the County real estate records. The covenant will <br />impose a resale formula that provides a fair return on investment (including the <br />homeowner’s investment and cost of capital improvements) and ensure the housing will <br />remain affordable to a reasonable range of low-income homebuyers. <br />3. A description of the guidelines for resale or recapture that ensures the affordability of <br />units acquired with HOME funds? See 24 CFR 92.254(a)(4) are as follows: <br />See above <br />4. Plans for using HOME funds to refinance existing debt secured by multifamily housing <br />that is rehabilitated with HOME funds along with a description of the refinancing <br />guidelines required that will be used under 24 CFR 92.206(b), are as follows: <br />Not applicable. The City will not be using HOME funds for this activity. If the City elects to <br />refinance existing debt, it will provide its policies and procedures as part of an amendment <br />to its Action Plan. <br />4. If the jurisdiction is unable to meet the homeless participation requirement in 24 CFR <br />576.405(a), the jurisdiction must specify its plan for reaching out to and consulting with <br />homeless or formerly homeless individuals in considering policies and funding decisions <br />regarding facilities and services funded under ESG. <br />The City consults and works with the County and CoC homeless services staff as well as <br />local homeless service providers, advocacy groups, facilities and other stakeholders in <br />determining its strategic approach, policies and funding decisions. A previously homeless <br />individual participated on the ESG funding review panel. Individuals who were previously <br />homeless provide assistance in outreach and engagement services and provide feedback <br />EXHIBIT 1