Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Over the Counter Notice of Funding Availability
RECOMMENDATION:
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Adopt a resolution:
A) Authorizing the Director of the Department of Housing ("DOH"), or designee, to direct funds that were previously awarded to affordable housing development projects ("Projects") through past Affordable Housing Fund ("AHF") notice of funding availability ("NOFA") rounds but that were recaptured by DOH as a result of AHF award conditions and/ or Project cost savings and AHF funds that were made available through past AHF NOFA rounds but were not awarded to Projects (collectively, "Reprogrammed Funds") into an Over The Counter NOFA ("OTC NOFA"); and
B) Authorizing the Director of DOH, or designee, to approve OTC NOFA awards to Projects on a rolling basis during the period for which the OTC NOFA is open; and
C) Authorizing the Director of DOH, or designee, in consultation with the County Attorney, to negotiate and execute contracts and other documents necessary to provide funding to Projects that receive OTC NOFA awards.
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BACKGROUND:
Projects that receive County funding through AHF NOFAs leverage County funds with funding programs offered by the California Department of Housing and Community Development ("State HCD"), the California Debt Limit Allocation Committee ("CDLAC"), and the California Tax Credit Allocation Committee ("TCAC"). In order for a Project to be financially feasible, it must receive an award from at least one, but often more than one, of the funding programs offered by State HCD, CDLAC, or TCAC. These funding programs are competitive and regularly oversubscribed. As a result, Projects competing for State HCD, CDLAC, and TCAC funding programs must maximize their point scores in order to receive a funding award. Most State HCD, CDLAC, and TCAC funding programs allocate poin...
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