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California Housing Finance Agency C a I HFA "' P U Box 4034 • Sacramento • CA • 95812-4034 • (916) 32?_-3991 • www calhFi.ca gov HELP Program (Housing Enabled by Local Partnerships) Announcement Date: February 26, 2007 The HELP Program offers a 3 1/2% deferred interest rate loan to local government agencies for their locally determined affordable housing activities and priorities. Although the primary requirement is that the HELP Program funds be used to directly produce affordable housing units, there is, otherwise, virtually unlimited flexibility for the local agency to determine the specific housing activity and use of the funds in providing for the acquisition, development, rehabilitation, or preservation of affordable rental or ownership housing. Proposals are competitively evaluated and relatively ranked using criteria to intentionally avoid any regulatory structure that would undermine a locality's determination of housing priorities. Open application periods are announced each Spring and Fall (typically February and August). Applicants (local government agencies) compete for approximately $7.5 million of HELP Program funding in each round. Program Objective To provide affordable housing opportunities through program partnerships with local government entities, consistent with their affordable housing priorities. Program Parameters Affordable Housing. HELP Program funds must be used to directly provide affordable housing units. Housing units must be affordable for at least 10 years, with "affordable" being defined in the context of the unmet housing needs and priorities of the locality. HELP Program funds may not be used for technical assistance or administrative costs. Local Government Involvement. Local government entities (e.g., city and county housing-related divisions and agencies, and redevelopment agencies) must have a direct involvement with their programs. Local government entity involvement can include financial contributions of Federal, State, and locality program funds, and contributions such as land write-downs, fee waivers, density bonuses, and local agency program staffing and administration, and other similar benefits. Unmet Affordablo Housing Needs. HELP funds are intended to help local government entities address unmet affordable housing needs as determined by each participating locality. Local government entities must demonstrate how the local priority was established and approved. Commonly, priorities are stated in Housing Elements, Consolidated Plans, or other documented housing plans. Eligible housing activities under the program are as follows: