Agenda - Council Work Session - 06/11/2013

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Sample Peer Policy for Ramsey Review 2. Fund Income: The Fund will utilize a "Revolving Loan Fund" concept. Loan repayments and prepayments will be considered Fund Income and will be deposited back into the fund to make additional loans. 3. Match Funding: From time to time, the Fund may receive additional funds from outside sources. Moneys received from other sources will be deposited into the fund and used to make loans. Section IV —Funding Availability and Notification to Eligible Applicants The Authority will publicly advertise the availability of GROW funds via the Authority's website and through direct contact with cities and those developers receiving funding from other affordable housing funds. For the year 2005 the first funding will be awarded prior to the end of the calendar year. After 2005, funding will be awarded up to twice per year, depending on availability. Generally, the deadline for the first funding round will take place about 60 days prior to the Minnesota Housing Finance Agency's (MHFA) single family RFP process deadline. The second round of funding will take place about 60 days prior to MHFA's multi -family RFP process deadline. With these funding application deadlines, the Fund can work more effectively as financial leveraging tool for other funding programs. If available funds may be awarded outside of these funding cycles if it is determined that funding is necessary for a project that may be considered critical to the affordable housing needs of the County. Applications will be accepted as noted in Section IV of this Policy. The application is attached in Appendix C. The fee schedule for the application is as follows: FEE SCHEDULE FOR GROW FUND APPLICATIONS Total Development Cost GROW Fund Fee Under $250,000 $250 $250,001 to $1,000,000 $500 $1,000,001 to $5,000,000 $1,000 $5,000,001 + $1,500 After submission and review of an application, the Authority will make one of the following determinations: 1. The Authority may commit to fund the project in whole or in part. 2. The Authority may decline to fund the project in whole or in part. The Authority will inform the applicant as to the basis for its decision. Recommendations will be presented by Authority staff to the Washington County Authority Board of Commissioners for final approval at a regularly scheduled meeting. Section V —Threshold Eligibility Requirements for Beneficiaries GROW funds will focus on those activities that create, preserve, or rehabilitate housing throughout Washington County for the benefit of those eligible households identified. To be eligible for funding through the GROW Fund, the following threshold requirements must be met: 3