|1 Purpose of this policy|
|2 Guiding principles|
|3 Sources of Opportunities Fund Monies|
|4 Use of Opportunities Fund Monies|
|6 Application for Financial Assistance|
|7 Technical Advisory Committee|
1 The Affordable Housing Opportunities Reserve Fund (“Opportunities Fund”) is to provide assistance for developing affordable ownership, market and non-market housing projects in Abbotsford.
(2) The objective of the Opportunities Fund is to provide assistance for developing affordable market and non-market housing projects. Financing assistance will be given as a combination of re-payable and forgivable loans for development (capital).
3 Money may be:
4 (1) Monies in the Opportunities Fund, including any interest earned, shall be used to acquire lands which are to be leased from or sold by the City to non-profit groups or developers to provide housing by means of public/private partnership agreements, subject to those lands being acquired within the Urban Development Boundary, as defined in the Official Community Plan.
(2) Any land, or a portion thereof, acquired with the Opportunities Fund shall be used, pursuant to the public/private partnership agreements noted in subsection (1), for the development of core needs housing or affordable housing (whether for purchase or rent), as defined herein. The remainder, if any, of any land acquired with the Opportunities Fund may be used for housing to be sold at market rates, and the City shall receive a percentage, to be determined by the applicable public/private partnership agreement, of the equity from the sale of that housing, which shall be returned to the Opportunities Fund.
(3) Monies from the Opportunities Fund may also be used to provide grants to non-profit groups providing Core Needs Housing where other government funding has been secured. Grants will be up to a maximum of $5,000.00 per Core Needs Housing unit in the housing project and a housing agreement with the City will be required.
(4) Monies from the Opportunities Fund may also be used to provide grants to non-profit groups providing Affordable Housing up to a maximum level of $2,500.00 per unit of Affordable Housing and a housing agreement with the City will be required.
5 In order to qualify for funds: