Since the announcement of requests for proposals for affordable and supportive housing on July 21, a potential appliant asked whether site control was necessary to qualify for funding. The City replied to that question on August 18. To ensure that all applicants have access to the same information, the City hereby publishes the substance of that response on the same day:
Site control is not required to submit an application for funding, nor is it required for funds to be awarded to an applicant. The City needs to ensure that housing units remain affordable for a definite period of time that corresponds to the HOME guidelines and the HOME Investment Partnerships Program Final Rules. That means, among other things, that a restrictive covenant will need to be recorded to ensure that the property’s rent will meet affordability requirements for the required time period. That would need to occur prior to the City paying funds to an applicant. The owner of the property would need to agree to that restriction being imposed, whether the owner is the applicant or another entity. Therefore, the City would not require that the applicant own the property in fee simple. A lease would suffice, so long as there are means to enforce the affordability period.
The City’s goal is to commit funds to projects that will be timley completed and create as much affordable and supportive housing as possible. Any application should describe as clearly as possible the total amount of funding that would be needed, what portion of that funding would be from the City, and how the remainder of the funding would be acquired.