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Label:
City code section
(Added by Ordinance 191973, effective January 1, 2025.)
- A. Purpose statement. The purpose of financial assistance funding is to:
- 1. Support affordable housing development.
- 2. Support technical and professional services necessary to explore project feasibility of rental and ownership housing serving low- and moderate-income households.
- 3. Support housing stability for first-time, low-income home buyers through increased buying power and competitiveness in the market.
- 4. Support housing security for low-income homeowners through assistance for critical home repairs with a focus on health, safety and fire.
- 5. Reduce lead-based hazards in a home, especially homes with children under six years of age.
- B. Definitions.
- 1. Affordable housing development includes but is not limited to the acquisition, disposition, construction, rehabilitation, and preservation of residential and mixed-use buildings that provide housing, services, and other public benefits to low- and moderate- income households.
- 2. Financial assistance includes but is not limited to applications or requests for a new loan or grant, assumption, subordination, modification, forgiveness, loan servicing, and restructuring.
- 3. Financial assistance funds and financial assistance funding means funding provided in the form of loans or grants for use in affordable housing development, homeownership assistance and home repair programs.
- 4. Guidelines means collectively, the Housing Development Guidelines and the Homeownership Assistance Program Guidelines.
- 5. Homeownership Assistance Program Guidelines means PHB’s Financial Assistance Guidelines for Homeownership and Home Repair Assistance, previously adopted by the Council.
- 6. Housing Development Guidelines means PHB’s Financial Assistance Guidelines for Affordable Housing Development, previously adopted by the Council.
- 7. Financial modifications mean any actions that modify loan or grant terms, including but not limited to increasing or decreasing loan or grant amounts, increasing or decreasing interest rates, extending loan terms, or modifying the type of loan to reduce or eliminate repayment obligations.
- 8. Financing documents means any documents, contracts, or agreements related to Financial Assistance, including but not limited to loan and grant agreements, trust deeds, notes, regulatory agreements, subordination agreements, purchase and sale agreements, and disposition and development agreements.
- C. Administration.
- 1. The City Administrator may execute, amend, terminate, release, or subordinate financing documents.
- 2. PHB will review the affordable housing development outcomes periodically to determine if the use of financial assistance funds and the Housing Development Guidelines are consistent with City goals and market conditions.
- 3. PHB will review the homeownership and home repair outcomes periodically to determine if the use of financial assistance funds and the Homeownership Program Assistance Guidelines are consistent with City goals and market conditions.
- 4. The City Administrator may amend the Guidelines.
- D. Approval authority.
- 1. PHB may advertise, review, and conditionally approve, reject and award Financial Assistance in accordance with policies and practices adopted by the City Administrator, this Section 30.01.180, and applicable administrative rules.
- 2. The City Administrator may approve affordable housing development, homeownership and home repair financial assistance by executing all related financing documents.
- 3. The City Administrator may approve or reject any actions that are related to existing financial assistance or financing documents, including but not limited to, assignments, subordinations, financial modifications, deferrals, collections, tax abatement actions, and the release or amendment of regulatory agreements.