§ 2.213.050. Administration of grant program.

A.

The affordable and workforce housing grant program shall be administered by OEOE, with assistance from ECD, the finance department, the department of codes administration, and the planning department.

B.

The OEOE may procure the services of a third party entity to assist with administration of the grant program.

C.

The director of finance and the director of OEOE shall have the authority and responsibility to develop written policies, procedures, rules, and/or regulations to implement this chapter. Such policies shall include the factors to be considered in determining whether a developer is a qualified developer and a mechanism for grantees to request monthly grant payments. Such policies shall be effective upon filing with the metropolitan clerk. Any amendments or modifications to such policies shall be effective upon filing with the metropolitan clerk, with a copy provided to the metropolitan council office.

D.

Incentive grants may be awarded to a qualified developer for either affordable or workforce housing units, or both, provided OEOE shall take reasonable measures to ensure an equitable distribution of grant funds for both affordable and workforce housing.

E.

Any grant made in accordance with the provisions of this section will be memorialized by an agreement between the metropolitan government and the qualified developer, which shall be approved by the metropolitan council by resolution. The maximum term for an incentive grant awarded pursuant to this chapter for rental units shall be fifteen years. All owner-occupied units for which one-time incentive grant payments have been made shall be maintained as for-sale affordable/workforce housing for thirty years from the date of initial occupancy. For new developments, the grant agreements shall be finalized prior to a building permit being issued.

F.

All grants awarded pursuant to this chapter shall be approved by the director of the OEOE, metropolitan director of finance, and the metropolitan director of law.

(Amdt. 2 to Ord. BL2016-342 § 1, 2016; Amdt. 1 to Ord. BL2016-342 § 1, 2016; Ord. BL2016-342 § 1, 2016)