(a) The Program and the issuance of general obligation bonds by the City to fund such Program in accordance with the Act are hereby authorized. A maximum of $350,000,000 will be raised for the Program through the issuance and sale of general obligation bonds of the City for deposit into the Fund for use in the Program and for payment of certain bond issuance costs, and such general obligation bonds shall be allocated as provided below. Loans made under the Program for multi-unit properties may be used for costs associated with:
(1) the acquisition, improvement, and/or rehabilitation of “at-risk” multi-unit residential buildings;
(2) the conversion of such buildings to permanent affordable housing; and
(3) financing the cost of needed seismic, fire, health and safety upgrades, or other major rehabilitation for habitability of such structures. Notwithstanding the foregoing, proceeds of the Program shall not be used to finance new construction of permanent affordable housing units, or the acquisition of multi-unit residential buildings without improvement and/or rehabilitation of such buildings.
(b) A maximum of $150,000,000 of general obligation bonds shall be issued for the purpose of originating Below Market Rate Loans under the Program in accordance with Program Regulations.
(d) A maximum of $200,000,000 of general obligation bonds shall be made available to originate Market Rate Loans.
(e) Fees for Services, Indemnification. To the extent permitted by law, MOHCD may charge reasonable fees, including Loan origination and monitoring fees, and such other necessary fees of consultants and agents retained to administer the Program. MOHCD may use Bond Proceeds to pay such fees or may charge such fees to Applicants and Borrowers. MOHCD may also require Applicants and Borrowers to defend and indemnify the City against future claims, liabilities, and losses related to its administration of the Program as a condition precedent to making a Loan.
(f) Combining Loans. MOHCD may issue to a particular Property any number of Below Market Rate Loans, Market Rate Loans, and Deferred Loans in any combination thereof that the Director deems appropriate 1
(Added as Sec. 66.3 by Ord. 1-93, App. 1/7/93; amended by Ord. 1-01, File No. 001968, App. 1/12/2001; Ord. 122-06, File No. 060386, App. 6/14/2006; redesignated and amended by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
(Former Sec. 66.4 added by Ord. 1-93, App. 1/7/93; amended by Ord. 1-01, File No. 001968, App. 1/12/2001; Ord. 122-06, File No. 060386, App. 6/14/2006; redesignated as Sec. 66.5 and amended by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
CODIFICATION NOTE