Honoring our responsibility to the public by ensuring the highest accountability standards for the Housing Bonds is a major priority for HousingWorks. The following recommendations have been developed for the City Council to enact to ensure a bond implementation process in accordance with the following best practices:

Sunshine - Application process is transparent; regulations, scoring criteria, applications, scores, correspondence all posted on city web site; conflict of interest, revolving door, and disclosure of all partners; process for appeal of non-award, as with the Texas Department of Housing and Community Affairs.

Competitive Process - Applications awarded competitively two or three times per year, coordination of application windows with windows of other funding sources such as tax credits.

Limited to Non-Profits - Participation limited to non-profits that have been selected through an open, competitive process.

Scoring – Similar to the Federal Home Loan Bank Affordable Housing Program, based on policy goals (for example, scoring addresses serving extremely low-income people, geographic opportunity, gentrification). Any subjective scoring criteria to be scored in a public manner.

Leverage - Maximize project support by limiting bond funds to 50% of cost of any project with possible adjustment to 80% based on income targeting. Need for bond funds must be confirmed. Per unit maximums should be established for homeownership and rental housing. No disbursements of bond funds until 100% of project funds from other sources have been committed.

Compliance - Coordinate compliance and audits with other funding sources so that compliance piggy backs on the processes of other sources and assures on-going accountability. City to publish an Annual Report on allocation of funds and number/type of units by income.

Additional Accountability Guidelines:

1. Contractually enforceable obligation to maintain rental and multifamily property.
2. Underwriting analysis to verify financial feasibility of projects and long-term operations.
3. Open Request for Proposal process to meet Bond income targeting and projects.
4. Maintain long-term affordability for homeownership and rental housing through contracts, deed restrictions, land leases and monitoring.
5. Rapid implementation with project approval accelerated.
6. High quality, long lasting construction.
7. Energy efficient construction utilizing Green Building standards.
8. American Disabilities Act, Section 504 and Visitability.
9. Projects providing livable wages should be given additional points for construction work funded from bonds.
10. Geographically diverse housing opportunity throughout the City.
11. Proximity to public transportation.
12. Respect existing neighborhoods plans.
13. No net loss of affordable housing through new development.
14. Developer(s) must demonstrate strong track record(s) in development and operation of affordable housing.