07-21-2020 EDC Meeting Minutes - Laserfiche WebLink

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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 sliding scale as follows: $12,500 per unit if tenants 81%-115% AMI, $15,000 per unit if tenants 51%-80% AMI, $20,000 per unit if tenants 50% AMI or below) New Construction/Development Financing Program: • Designed to create and/or preserve affordable housing • Rental housing development(must maintain affordability for at least 20 years, at least 60% of all units in an eligible housing project must have rents as follows: not less than forty percent(40%)of all the units must be affordable to households whose income does not exceed 115% of Area Median Income (AMI), not less than finrenty percent(20%) of all the units must be affordable to households whose income does not exceed 80% of AMI, Rents on the remaining 40% of the units may be set at market value. • Homeownership housing development(prices must be affordable to households with incomes at or below 115% AMI, maximum loan term of 55 years with simple interest rate shall be prime minus 1%, priority for first-time homebuyers, projects considered based on: benefit highest percentage of low-, very low-, and extremely low- income persons, longest periods of affordability, greatest percentage of affordable units • Housing linked with services for families and people with special needs including homeless people, disabled people, seniors and people with HIV/AIDS • Maximizing accessibility for persons with disabilities • Cost effectiveness of project including cost per square foot, cost per affordable unit, leveraging of other financing, other financing commitments, projects that use program funds as a match or leveraging tool to stimulate the use of conventional and below-market resources, including tax credits, state and federal funding programs, and/or other funding sources. Projects that provide the greatest benefit per dollar for funds spent and projects that have other funding sources identified and committed. 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