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For profit entities are only eligible for capital funds in the top priority. <br />This is due to the language of the SHB 2060 legislation, which restricts <br />building operations and maintenance funds to projects "eligible for the <br />Washington State Housing Trust Fund." For profit entities are not eligible <br />for the Washington State Housing Trust Fund. <br />4. Eligible use of RAHP Funds by Priority <br />a. Capital funds: <br />Acquisition of land for eligible housing. <br />New construction of eligible housing. <br />Acquisition of building(s) for eligible housing. <br />Rehabilitation of units of eligible housing or to create new units of <br />eligible housing. <br />Capitalization of a replacement reserve in connection with a capital <br />investment for new or existing eligible housing units. <br />Capitalization of O &M rent buy -down reserves for new eligible <br />housing units to serve households below 50 percent of AMI that <br />are primarily homeless or at risk of homelessness Capitalized <br />O &M reserves may only be used to write down rents to very <br />affordable rent levels, below 30 percent of AMI and below 50 <br />percent of AMI (i.e. between 30 percent and 50 percent of AMI) <br />for units that do not have debt service. Capitalized O &M reserves <br />must be used for expenses directly related to running the building <br />and may not be used for services to the tenants or to cover debt <br />service 13 This eligible use may not exceed 20 percent of the <br />RAHP capital funds in any funding cycle. <br />b. O &M Funds: <br />See Note 6. <br />12 See Note 7. <br />13 Other requirements for capitalized O &M reserves include: 1) projects will not be eligible for these funds unless they have <br />either applied first to CTED for O &M and been denied, or have not received Housing Trust Fund capital dollars and are, <br />therefore, not eligible for O &M from CTED; 2) funds will be awarded only in appropriate amounts as neede,d pursuant to review <br />by the Housing Finance Program, and will be subject to negotiated modifications; and 3) capitalized reserves will be committed <br />for a maximum of five years' rent buy -down subsidy. <br />RAHP Interlocal Agreement 13 of 15 2012 -2014 <br />