Agmt22 Anjanette Scott - Laserfiche WebLink

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REV: 10-25-2022 SK areas (Housing Preservation Fund and NOFA), taking into account regulatory compatibility of City’s funding sources and other common housing funding sources (e.g., tax credits), expenditure deadlines and other timing considerations, and the City’s funding goals (e.g., prioritization of extremely low-income units), among other factors. b. How to align varied funding sources within the Housing Preservation Fund in support of an over-the-counter process. c. NOFA release timing (e.g., rolling or fixed deadline or combination). d.Funding priorities for both Housing Preservation Fund and NOFA. For the Housing Preservation Fund Program, this includes, at a minimum, incorporating an equity component into the prioritization of projects. For the NOFA, this includes, at a minimum, refinement of City priorities of extremely low-income units and projects serving special-needs populations. e. Per-unit subsidy minimums/maximums. f. Developer selection criteria, and whether to establish a pre-approved developer list. Deliverable: Memo for staff summarizing findings and recommendations. Deliverable timeline: 8 weeks after Task 1 is complete. Task 3: Draft NOFA. 1. Draft a NOFA that includes, at a minimum: a. Application review and selection process. b. Underwriting criteria. c. Per unit subsidy minimums/maximums. d. Funding priorities. 2. Develop NOFA guidelines. 3. Solicit feedback from City staff, outside stakeholders, and developers, and refine drafts as necessary. Deliverable: Draft NOFA and guidelines. Deliverable timeline: After Task 2 is complete, 8 weeks to complete. Task 4: Draft Guidelines for Housing Preservation Fund 1. Develop program guidelines to establish a Housing Preservation Fund accessible to developers to finance the purchase of existing unsubsidized affordable housing units, as described in the Anti-Displacement Strategy. At a minimum, guidelines shall include: ATTY/AGR.2022.376/Anjanette Scott (Page 12 of 14)