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EDC Minutes July 21, 2020 Page 3 of 6 ----------------------------- • Designed to help maintain existing housing so that iYs decent, safe and sanitary • Owner-occupied (must be at or below 115% Area Medium Income (AMI), primary residence and homesteaded, max $25,000 15—year, zero percent interest deferred loan payable upon sale or transfer of the home, no longer primary residence or mortgage is refinanced and equity take out and owner contribution based on income level) • Rental (minimum of 51% units must be occupied by tenants at or below 115% Area Medium Income (AMI), Maximum of 80% of project costs or $25,000 for single-family home, Multi-family slidi � ale as follows: $12,500 per unit if tenants 81%-115%AMI, $1 �" 0 p�r unit if tenants 51%-80% AMI, $20,000 per unit if tenants 5 �NI or below) New Construction/Development Financing Progr , : `�� ;.,,�. • Designed to create and/or preserve affc�r le ho ' : • Rental housing development(must r�ir�tain affordab }� � or at least 20 years, at least 60% of all units in�n eligible housing pro -must have rents as follows: not less than iat'�y percenf�40%) of all th��`�nust be affordable to households whose int�e do��ot exceed 11�10 of Area Median Income (AMI), not less than fi�r�y percent(20%) o�all the units must be affordable to households whos``e`��come does not exceed 80% of AMI, Rents on the remaining 40% of the irrNts may be set at market value. • Homeownership housing development(prices,*tn4s# be affordable to households with incomes at or below 115% AM�fi, maximum loan term of 55 years with simple interest rate shall be prime minus 1%, priority for first-time hc�n�ebuyers, projects considered based on: benefit highest percentage ofi 14w-, very low-, and extremely low- income persons, Iong�S�periods of affordability, greatest percentage of affordable units • Housing linked v�tith services for families and people with special needs including`hoinele��ople, disabled people, seniors and people with �L. .� DS : � = 4�� ��` N'I'��g acc�Ssibility for persons with disabilities ��= . • Cost e�venes�r�f�roject including cost per square foot, cost per affordabl��:�it, leveraging of other financing, other financing commitme�, projects that use program funds as a match or leveraging ;�pol to stim�te the use of conventional and below-market resources, �uding ta��redits, state and federal funding programs, and/or other fu� s�fices. Projects that provide the greatest benefit per dollar for fund��nt and projects that have other funding sources identified and comna�fted. 4.3. Workforce Housina Studv Recommendations Mr. Schommer presented recommendations: • Identify opportunity sites • Create or enhance a down payment assistance program • Assist with rehabbing older homes • Amend tax-forfeited property policy