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§ 14-9-10 PURPOSE.
   (A)   To establish procedures to ensure that City housing assistance to grantees are qualifying grantees who meet the requirements of the Act, this ordinance, and rules promulgated pursuant to such legislation both at the time of the award and throughout the term of any grant or loan under the Program; and
   (B)   To require long-term affordability of the City's Affordable Housing Projects so that a project cannot be sold shortly after completion and taken out of the affordable housing market to ensure a quick profit for the qualifying grantee; and
   (C)   To require the City to enter into a contract with the Qualifying Grantee consistent with the Act, which contract shall include remedies and default provisions in the event of the unsatisfactory performance by the qualifying grantee and which contract shall be subject to the review of the MFA in its discretion; and
   (D)   To require that a grant or loan for the project must impose a contractual obligation on the Qualifying Grantee that the affordable housing units in the project be occupied by persons of Low or Moderate income; and
   (E)   To provide for adequate security against the loss of public funds or property in the event that the Qualifying Grantee abandons or otherwise fails to complete the project; and
   (F)   To require review and approval of the housing plan project budget by the City before any expenditure of grant funds or transfer of granted property; and
   (G)   To require that a condition of grant or loan approval be proof of compliance with all applicable State and local laws, rules, and Ordinances; and
   (H)   To provide definitions for "low-income and moderate-income" and setting out requirements for the verification of income levels; and
   (I)   To provide the City with a valid affordable housing program; and
   (J)   To require that the City have an existing valid affordable housing plan or housing elements contained in a valid plan prior to authorizing a housing assistance grant; and
   (K)   To require the Department to promulgate and follow Administrative Requirements and Rules and Regulations to implement this ordinance, including but not limited to further describing application requirements, procedures, and evaluations.