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CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY <br /> i <br /> VIII.. Terms <br /> a.' Four(4)years to draw down the loan/grant and remediate the site. <br /> L Loans will be repaid upon the term of the loan,or upon sale/transfer of the <br /> property,which ever comes first <br /> ii Tenn maybe extended by up to two (2)years,upon approval of the CPCFA <br /> Board. <br /> b. A Development Project must be completed within six (6)years of receiving the <br /> loan/grant (as evidenced by Certificate of Occupancy—may be extended by 2 years <br /> under the conditions of VIII.a.ii above). <br /> c. An.Applicant will be eligible for the following financial terms if the Development <br /> Projects meets the conditions described below: <br /> i GRANT: Grants will be awarded to applicants that are developing projects <br /> that <br /> 1. Are non-revenue generating projects with substantial community <br /> benefits. <br /> 2. Affordable housing that receives 9%TCAC award. <br /> 3. Affordable housing that receives a 49/6 TCAC award=d HCD's <br /> Multifamily Housing Program(MFIP) award. <br /> 4. Homeless housing. <br /> S. Housing for special needs populations (as defined by TCAC). <br /> 6. SRO (single room occupancy) housing. <br /> 7. Development projects must meet the criteria defined in section lb; <br /> projects will be scored competitively. <br /> ii. 0%Loan:A Development Project eligible to receive a grant under the <br /> conditions defined above may elect to receive a 0%loan. <br /> iii. 3% simple interest Loan: <br /> 1. A Development Project that receives a 4%TCAC award. <br /> 2. A Development Project that creates rental housing for a population <br /> no greater than an average affordability of 60%of the area median <br /> income. <br /> 3. A Development Project that creates ownership housing for a <br /> population no greater than an average affordability of 100% of the <br /> area median income. <br /> iv. LIBOR phis 2% <br /> 1. Other eligible Development Projects. <br /> d. Under the circumstances that the Development Project includes a combination of <br /> the characteristics defused in Section VIII.c. above,the loan amount and financing <br /> terms will be pro-tated based on the characteristics of the Development Project <br /> L For example,a Development Project that has 50%market rate units;20% <br /> affordable units of 60%AMI,and 300/6 units that are TCAC plus MHP <br /> funded,will receive a loan/grant combination in which of the costs/award <br /> j for remediation will be <br /> 4 <br /> The information presented here it pehminag and it made available for informational and discussion puVses only The <br /> information is not binding on the Authority or its staff. It does not repr cent any final decision of theAuthority and should not <br /> be relied t pon as such. Intowted parties are cautioned that my action taken in reliance on the preliminary infamadon it taken <br /> at the parties'oum risk as the it forma#on presented is subfed to change at ay time until f r=4 adopted by theAuthoriv at a <br /> duly noticed meeting. <br /> r <br />