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The government role <br />When federal, state, regional or local governments provide public benefits to develop <br />housing, they engage with the private market, nonprofit organizations, and individuals in <br />a public/private partnership in which the public commitment of tax dollars or tax benefits <br />is exchanged for returned benefit per mutually agreeable terms and conditions, as shown <br />below. <br />Government provides one 0rmore 0fthe following: <br />• Grants for housing construction, maintenance, rehabilitation, counseling, technical <br />assistance, orsupport services. <br />• Low -interest (below market) loans for prHd8vH|0pmHnt, construction, bridge, or <br />long-term financing, which may be amortizing or forgivable. <br />• Technical assistance to owners, developers, or sponsors of affordable housing <br />pertaining to design, deal structure, application for funding, scope of work, rent <br />and lease -up, management, and compliance with program requirements and with <br />federal, state, or local ordinance and |8vv. <br />Government expects all three 0fthese iDreturn: <br />• Aguarantee ofaspecified level of physical condition and suitability for a <br />predetermined amount of time that may be pegged to a mortgage term, term of <br />outstanding bonds issued for the project, or other project characteristics. <br />• A guarantee that program -specific or priority -oriented income targets will be <br />honored initially and ongoing per financing terms and project undenmriting. <br />• A guarantee that rents will remain affordable to income -targeted houeeho|de, such <br />that households pay nomore than 3096ofincome for housing. <br />` <br />==== <br />HOUSING POLICY PLAN <br />ONE: Hgwsinq for a Growing, 7hriving Raqion <br />