HOST staff will work with your team through all City processes, beginning with negotiation, environmental review, when appropriate, and underwriting upon receipt of an application. It is important to note that while HOST staff can help identify appropriate funding levels based on policy and underwriting, and funding availability, all funding decisions are made by the Loan Review Committee (LRC) and no agreement is final until approved by Council and Mayor.
Once a conditional approval is issued HOST staff works with the City Attorney’s Office (CAO) to draft loan documents. After a Loan Agreement is executed by borrower, all loans over $500,000 must proceed through the legislative process to obtain a final Council decision. The process may be lengthy (3-6 months) depending on the transaction, and the number of agenda items before the Council for consideration. This timeline assumes no significant negotiation issues and minimal borrower comments to City template documents.
Loan modifications and Subordination requests may require a Loan Agreement amendment, and may also require a review process as referenced above.
Additionally, affordable housing linkage fee exemptions are handled through Community Planning and Development in collaboration with HOST and require a fully-executed instrument of affordability document to qualify. The linkage fee exemption for affordable housing projects is different from the linkage fee waiver for projects that voluntarily include mixed-income affordable units.