[Adopted 9-5-1995 by L.L. No. 12-1995]
The purpose of establishing the Rockland housing partnership is to increase the supply of affordable housing for Rockland County residents by providing financial assistance to not-for-profit organizations, which assistance is to be used to acquire, construct and rehabilitate properties. This assistance shall be provided as loans in a revolving loan fund so that, as the loans for each project are repaid, funds are made available for future projects.
When used herein, the following terms shall have the following meanings:
ADEQUATE HOUSING
Housing that is in compliance with all governing codes, and meets Housing and Urban Development (HUD) Section 8 existing housing quality standard guidelines designating the number of rooms needed for family size.
AFFORDABLE HOUSING
Housing that is affordable to individuals or households earning at or below the Rockland County median income, adjusted for family size. Housing affordability requires that no more than 30% of household gross income should be spent on rent or, in for-sale housing, 33% for monthly housing costs that include mortgage payments, real estate taxes and insurance, plus maintenance and common charges for cooperatives and condominiums.
ELIGIBLE COSTS
Cost for labor, materials, overhead and profit associated with actual construction or renovation. The general contractor's combined overhead and profit is limited to 20% of said total "eligible costs." Developers', attorneys' or consultants' fees are excluded.
INCOME
Income as calculated by HUD for eligibility for HOME funds, as delineated in Technical Guide for Determining Income and Allowances for the HOME program, May, 1994, Office of Affordable Housing Programs, Community Planning and Development, United States Office of Housing and Urban Development.
MEDIAN INCOME
The median income for a Rockland County household as calculated by the Rockland County Planning Department as adjusted for household size.
NOT-FOR-PROFIT CORPORATIONS
Organizations that have received a Section 501(c)(3) designation from the IRS.
VERY LOW, LOW, AND MODERATE INCOME
A. 
VERY LOWHouseholds whose income is at 50% or lower of the Rockland County median income.
B. 
LOWHouseholds whose income is between 51% and 80% of the Rockland County median income.
C. 
MODERATEHouseholds whose income is between 81% and 95% of the Rockland County median income.
A. 
There is established a Rockland Housing Partnership Board which will consist of seven members appointed by the County Executive and confirmed by the Legislature, each of whom shall serve for a term of three years and without compensation. The Board shall annually select one of its members as Chairperson. The Board shall be composed of individuals who possess the expertise and background in the areas of housing construction and development, real estate law, finance and community housing.
B. 
Powers and duties. The Board shall:
(1) 
Make policy with regard to the operation of the revolving loan fund, as set forth in § 289-4 of this Article.
(2) 
Review and approve all applications for loans.
(3) 
Seek additional funds from the private sector, as well as work with the private sector in order to develop a County lending consortium which will provide low-cost financing for affordable housing needs in the future.
(4) 
No less than annually, prepare and deliver a report to the County Executive and the Legislature, which report shall be made available to the public and which will provide a report of the previous year's activities; a follow-up and progress report on all funded projects; an audited financial statement; and recommendations for changes in the fund's policies and procedures and/or additional steps to be taken to increase the supply of affordable housing.
A. 
There shall be established a Rockland Housing Partnership Revolving Loan Fund to be administered on a day-to-day basis by the Rockland County Office of Community Development under policies and guidelines set forth by the Rockland Housing Partnership Board.
B. 
The fund shall consist initially of the sum of $225,000, which was designated by the Rockland County Legislature by Resolution 528 of 1994, together with any further funds that may be subsequently appropriated by the Legislature. The Legislature shall appropriate said funds to the proper budgetary accounts so that expenditures may be made therefrom.
C. 
Use of loan funds.
(1) 
The loans shall be used to help finance, acquire, construct and rehabilitate affordable housing and adequate housing, which will include both properties for sale and for rent.
(2) 
Loans can be used to pay for eligible costs only.
(3) 
Loans must be repaid as follows:
(a) 
With an annual interest rate of 3%.
(b) 
In for-sale projects, prorated by unit, when unit is sold to buyer.
(c) 
In for-rent projects, when construction loan is converted to permanent financing.
(d) 
In no event longer than 36 months from issuance.
The Rockland Housing Partnership Board shall review each application which shall meet the following criteria:
A. 
The application shall include a deed or purchase contract which includes a provision to permit the required time necessary to access financing and to receive municipal approval(s).
B. 
Evidence of local support (e.g., a letter from the municipality's highest elected official).
C. 
Evidence that the loan is needed as a local share to provide access to other loans and grants from the public and private sector unless no other private or public funds are needed to complete the project.
D. 
A letter of intent from private lender unless no private funds are needed to complete the project.
E. 
Evidence of feasibility, as demonstrated by a detailed cost analysis, other public or private funds committed or applied for, a preliminary study of the site, infrastructure and any existing structures on site and the time frame for obtaining all necessary government approvals.
F. 
Evidence that the project does not displace the existing inhabitants of very-low-, low- and moderate-income households.
G. 
A plan for ensuring that the housing will remain affordable for at least 10 years.
H. 
A selection process for home buyers or tenants that complies with fair housing laws and affirmative marketing and an application and selection procedure that is clear, public and uses objective criteria.
After the Board reviews an application to assure that the applicant meets the criteria set forth in § 289-5, the Board, in establishing priorities for projects, shall also give due consideration to the following:
A. 
Projects that provide a maximum opportunity for ownership and self-management through homeownership or cooperative, condominium and homeowners' association forms of ownership.
B. 
Projects which are affordable to households earning at or below the moderate income level for Rockland County as adjusted for household size. Additionally, the Board may take into consideration projects which provide for a mix of housing which is affordable to very-low-, low- and moderate-income households.
C. 
Projects that are demonstratively ready to proceed to a rapid completion, preferably within one year to 18 months.
D. 
Whether the past performance of the applicant has been satisfactory and the applicant has the capacity to administer the project.
E. 
Whether the project will use below-market-rate construction and permanent financing.
F. 
Projects by not-for-profit community organizations that meet Department of Housing and Urban Development requirements for Community Housing Development Organizations (CHDO).
G. 
Projects giving preference to Rockland County residents, to the extent allowable by law.
The Rockland Housing Partnership Board, after determining the criteria and the priority of each application, shall make a preliminary commitment of funds. The loan shall be finalized and funds made available when the not-for-profit organization which purchases property closes title on said property and/or begins construction and upon such further terms and conditions as the Board deems necessary to protect the fund.
The Board shall establish additional rules and regulations for its procedures and the procedures for obtaining a loan and shall publish and file said rules and regulations with the Clerk to the Rockland County Legislature.