SEC. 120.2. PROGRAM MANAGEMENT AND REGULATIONS.

(a) The Director shall be responsible for the operation and management of all Programs that designate MOHCD as the administrative agency. The Director shall make Grants and Loans consistent with all Program requirements. The Controller, in consultation with the Director, shall disburse Funds consistent with the terms of approved Grants and Loans. The Director and the Controller may appoint agents and consultants to assist with Program administration.

(b) The Director shall publish from time to time Program Regulations as necessary and appropriate to implement each Program, consistent with applicable law and this Chapter 120. The Director shall publish all Program Regulations on MOHCD’s website and in such additional places as the Director deems appropriate, and provide copies or electronic links on request. The Program Regulations shall address matters such as Program and Fund administration, public and competitive processes to apply for Loans and Grants, compliance with applicable laws and regulations, affordability restrictions for the longest possible term, eligible uses of Funds, underwriting criteria, role of the Loan Committee in reviewing Loans and Grants, transaction processing, documentation, compliance monitoring, and enforcement. With the exception of Homeownership Programs, MOHCD shall submit any Program Regulations and any material amendments thereto to the Loan Committee for review and recommendations.

(Added by Ord. 202-19, File No. 190679, App. 8/9/2019, Eff. 9/9/2019)