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ATTY/RESO.0053/CC RESO AMENDING AFFORDABLE HOUSING PRESERVATION PROGRAM – EXHIBIT A <br />REV: 08-19-24 LF <br />Page 8 of 19 <br />City-restricted units, provided they meet other <br />Federal, State, and local guidelines. <br /> <br />See Chapter 3 of the City’s Affordable <br />Housing Program Guidelines for additional <br />information on how to comply and implement <br />the City’s local preference requirements. <br />Local preferences may be waived for Project- <br />Based Section 8 units and units filled through <br />Coordinated Entry. <br />Property Welfare Tax Budget must clearly show when the property <br />welfare tax exemption is expected to begin. <br /> <br />Schedule <br /> <br />The City has received approval from City Council to administratively approve and fund <br />projects. After City Housing staff has approved a project for funding, the project must <br />acquire the property and/or close on rehabilitation funding within six months. An <br />application requesting changes from these Guidelines cannot be considered for expedited <br />approval at the staff level. Staff will determine whether an application seeking to deviate <br />from the Guidelines may be brought to the City Council for approval. <br /> <br />The following schedule provides the timing for each segment of the Program application <br />process, from application submission to closing of awarded City funds. <br /> <br />Program Application Process TIMING <br />Application Submission Ongoing <br />Staff initial review of complete applications <br />10 business days from <br />application submission <br />Submittal of additional information, if requested by staff <br />5 business days after <br />request(s) for additional <br />information. <br />Staff final review <br />3 business days from staff <br />receipt of all information <br />Staff notification of results/ award letter issuance <br />1 business day from final <br />review <br />City Loan Closing 60 days from award letter <br /> <br />Evaluation Criteria for Scored Projects <br /> <br />The purpose of scoring is to prioritize how to fund multiple projects that apply at the same <br />time and meet threshold requirements. If there is only one application, it may not be <br />scored. <br />6.M. - Page 13 of 110 <br />469