HomeMy Public PortalAbout192.5 - Housing and Community Development - Housing Rehabilitation - State Housing Initiatives Partnership ProjectsHousing Department Section 192.5
192.5 SUBJECT: STATE HOUSING INITIATIVES PARTNERSHIP PROJECTS
:1 OBJECTIVE:
Implement the SHIP activities as approved by City Council.
:2 AUTHORITY:
This procedure amended by City Council February 21, 2005, Item A7.
:3 DIRECTION:
Housing Coordinator under the supervision of the Housing Division Manager and the
Housing Director.
:4 METHOD OF OPERATION:
A. Affordable housing activities and funding will be awarded to for-profit and
non-profit entities and implemented through contractual agreements. Deferred
loans shall be used when the analysis of a project proforma indicates that the
project will not generate sufficient revenues to support repayment to the city.
Payback loans shall be used when the analysis of a project proforma indicates
the project will generate sufficient revenues to repay the assistance, in part or
fully. City Council may forgive a loan if it determines that the project is
important in assisting the city to achieve its affordable housing goals and
objectives, and payment of the obligation would be detrimental to the financial
structure of the project. Deferred loans shall also be used for funding awards in
the city housing rehabilitation and down payment assistance programs.
No person who is an employee, agent, consultant, officer, or elected or
appointed official of the City, nor any City Board member whose Board makes
recommendations or gives advice with respect to SHIP projects, may obtain a
financial interest or benefit from a SHIP assisted activity, or have any interest
in any contract, subcontract or agreement with respect thereto, or the proceeds
thereunder, either for themselves or those with whom they have family or
business ties. Provided, however, that this policy shall not preclude any person
who is otherwise eligible to receive assistance to purchase or rent a SHIP
assisted housing unit from doing so on the same terms as the public at large.
Additionally, no project shall receive funding if the owner of such project
shall, at the time of application or at the time of award, be in default on any
obligation such owner may have with the City or any other governmental
agency. For the purposes of this policy an owner shall include, but not
necessarily be limited to, all partners of any partnership with an ownership
interest in the project and any stockholder who owns ten percent (10%) or
more of the outstanding stock of any corporation with an ownership interest in
the project.
B. All SHIP projects will be monitored by staff for compliance with their operating
agreements and all applicable state regulations.
Policies and Procedures Manual Page 1
Housing Department Section 192.5
C. The Housing Director, or designee, approves expenditures of SHIP funds
following project approval by City Council.
:5 FORMS:
None.
:6 COMMITTEE RESPONSIBILITIES:
None.
:7 REFERENCE:
This procedure adopted by City Council April 19, 1993, Item YY;. amended August 26,
1996, Item 7-B; amended September 29, 1997, Item 3-YY; amended September 15,
2003; amended February 21, 2005, Item A7.
:8 EFFECTIVE DATE:
This procedure effective February 21, 2005.
Policies and Procedures Manual Page 2