The following applicants are eligible under the Act to apply for affordable housing funds or a housing assistance grant to provide housing or related services to persons of low- or moderate-income in the community:
(A) All individuals who are qualified to receive assistance pursuant to the Act, the Rules and this chapter that are approved by the city;
(B) All regional housing authorities and any governmental housing agencies;
(C) All for-profit organizations, including any corporation, limited liability company, partnership, joint venture, syndicate or association;
(D) All non-profit organizations meeting the following requirements:
(1) A primary mission of the non-profit organization must be to provide housing or housing-related services to persons of low- or moderate-income;
(2) The non-profit organization must have received its 501(c)(3) designation prior to submitting an application; and
(3) Have no part of its net earnings inuring to the benefit of any member, founder, contributor or individual.
(E) All non-individual applicants must:
(1) Be organized under state or local laws and can provide proof of such organization and be approved by the city;
(2) Have a functioning accounting system that is operated in accordance with generally accepted accounting principles or have designated an entity that will maintain such an accounting system consistent with generally accepted accounting principles;
(3) Have among its purposes significant activities related to providing housing or services to persons or households of low- or moderate-income; and
(4) Have no significant outstanding or unresolved monitoring findings from the city, the MFA or its most recent independent financial audit, or if it has any such findings, it has a certified letter from the city, the MFA or the auditor stating that the findings are in the process of being resolved.
(Ord. 2023-002, passed 8-16-2023)