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(a) Any Below Market Rate Loan made under the Program shall be subject to a Declaration of Restrictions. The term of the Declaration of Restrictions shall be sufficient to ensure that units acquired, improved, or rehabilitated remain affordable for as long as all or any portion of the buildings financed with the Loan operate as multi-family residential facilities.
(b) Market Rate Loans made under the Program shall be subject to a Declaration of Restrictions only to the extent set forth in the Program Regulations. The repayment liability for funds from any Market Rate Loan used for rehabilitation of a residential building shall not be passed through to tenants as a capital improvements rent increase or otherwise.
(Added as Sec. 66.5 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(Former Sec. 66.6 added by Ord. 1-93, App. 1/7/93; amended by Ord. 287-96, App. 7/12/96; repealed by Ord. 1-01, File No. 001968, App. 1/12/2001)
Applicants must satisfy the underwriting criteria set forth in the Program Regulations, including but not limited to, appropriate loan-to-value and debt service coverage ratios, reserve requirements, credit worthiness, scope of work, experience, and such other factors as the Director deems appropriate.
(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
Each Applicant must comply with all City contracting requirements, including but not limited to health insurance requirements, the Local Business Enterprise and Non-Discrimination in Contracting Program in Administrative Code Section 14B, and the First Source Hiring Program in Administrative Code Section 83. The Director shall ensure that the Program Regulations include compliance with City contracting requirements as a condition of receiving a Loan under the Program.
(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
Application information and forms shall be made available by the Director and published on MOHCD’s website, or such other convenient location as may be determined by the Director. The Application package will indicate procedures for returning a completed Application, and the expected time frame for the processing thereof.
(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
Subject to the limited exceptions set forth in the Program Regulations, all completed Applications shall be submitted to the Loan Committee for evaluation. Even if an Applicant meets all of the eligibility criteria in this Chapter 66, the Loan Committee may, in its discretion, choose not to approve any proposed Loan or choose to approve any Loan for less than the amount requested by the Applicant.
(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
MOHCD shall be responsible for disbursing Loan proceeds and monitoring construction progress. In addition, MOHCD shall work with those departments or individuals designated by the Director to monitor compliance with all applicable Loan documents, this Chapter 66, and all other applicable federal, state, and local laws. MOHCD shall periodically inspect the progress of construction and approve disbursements of Loan proceeds.
(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
MOHCD shall receive repayments of Loans, account for all such repayments, and provide to the Director annual statements of such accounts for each outstanding Loan. MOHCD is authorized to retain from time to time loan servicing agents as desirable to service Loans originated under the Program, and to charge Applicants and Borrowers for the cost thereof.
(Added by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
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