New Answers! Naturally Occurring Affordable Housing (NOAH) Loan Program

"Hi CRA colleagues,

Has anyone explored or evaluated the use of TIF funds for a NOAH Loan Program designed to preserve naturally occurring affordable rental housing? Specifically, I’m interested in programs that subsidize the interest rate on a private loan secured by a participating property, in exchange for a recorded affordability covenant that maintains affordable rents throughout the Affordability Period.

I’m trying to determine whether this is a permissible use of TIF funds and would appreciate hearing about any outcomes or experiences others have had with similar initiatives."

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Answers Needed! Request examples: property transfer method to CRA and parking lease from CRA (same property)

"Two questions – property transfer and property leasing:

(1) Our CRA is a county-created CRA (not city-created), and the county acquired property in the CRA that the County wants to transfer to the CRA for maintenance, etc., while the property is offered for redevelopment proposals by the CRA. What is the method for a local government to officially make that transfer to its CRAs? For example, is it a deed or resolution that assigns the property to the CRA? Any example transfer method that someone can provide would be great.

(2) The same site is occupied by a parking lot (remaining after demolishing the former building on-site). An adjoining business would like to use at least a part of the parking lot as overflow parking for their new adjoining business. We support the request as it will support the new business and not leave the site “unused” and potentially attract other undesired activities until it can be redeveloped. Can another CRA share an example of a lease agreement for such a use? Part of the approach we expect is that the lessor will maintain the site (mowing, etc.) as part of the lease, offsetting CRA costs to maintain/control the site as a version of eyes on the street. Once again, any example lease that someone can provide would be great."


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New Answer! External CRA Legal Attorney Recommendations?


"I am looking for recommendations for external law firms that are knowledgeable in FSS and deal with CRAs. If anyone has experience with a law firm they can recommend, please let me know."

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