2005 AGN OCT 04 I10 - Laserfiche WebLink

Browse Search

predevelopment, development, construction, code enforcement and other housing -related development and revitalization efforts. Loan Conditions and Repayment. HELP funds are available to a local government entity as an unsecured loan from CaIHFA for up to 10 years at 3% simple interest per year, and carry minimal restrictions and conditions. Repayment is backed by the general obligation of the local government entity and is required, in full, no later than 10 years from the date a loan agreement is executed. The local government entity shall assure that it possesses full authority to enter into the loan agreement and to repay the loan under the terms and conditions of the loan agreement. Loan -to -Lender Format Under this format, the local government entity contracts to repay CaIHFA and relends or otherwise utilizes the funds for its stated purposes. The local government entity does not provide property or other resources as collateral. General Considerations for Program Design Evaluation Criteria. Proposals will be ranked on a competitive basis, using the following criteria: • extent to which assisted units are affordable (term, depth, amount, etc.) • efficiency of program costs (interest rate, administrative and staffing costs, etc.). NOTE: If the HELP Program funds are intended to be reloaned by the local government entity to their program participant(s), then the interest rate on the reloaned funds should be as low as practical to provide the maximum benefit to the assisted households • maximization of benefit (number of units, HELP funds per unit, number of persons to benefit, etc.) • implementation readiness (local agency experience with the type of housing activity, staffing and administrative capacity, local agency financial capacity, site control, local programs in place, drafted implementation plan, market and risk analyses, other financing sources in place, local government authority to proceed) • relative resource impact in directly achieving program objectives (the locality's relative ability to contribute funds, staffing, administration and in-kind services; and the depth of leveraging provided) • comprehensiveness of physical design (physical design aspects that enable the residents and incorporation of the housing into the community) and resident support structure (that potentially includes community building, participatory management or governance, personal enrichment, direct support services, and linkages to local support services, etc.). Documented Housing Plans. Proposals must include documented housing plans that demonstrate that the proposed housing activity described in the application has been identified as a local housing priority. Eligible documented housing plans include the Housing Elements, Consolidated Plans, redevelopment plans or other general housing plans that the locality's governing board has ratified. Applications must also include evidence that a plan has been approved. Federal, State, and Local Requirements. Federal, State or local government requirements may apply in this process depending on the nature and structure of the local program. These requirements may include Davis -Bacon and/or State Prevailing Wages and compliance with Article 34 of the California State Constitution. 1)