Specifications include, but are not limited to: 1) Tier I: a) Acquisition and/or substantial rehabilitation and/or construction to provide new rental units for households earning up to 80% of AMI. “New” is defined as newly-affordable and may include rental units created in conjunction with a LIHTC development refinance; b) Acquisition and/or substantial rehabilitation and/or new construction to provide homeownership opportunities for households earning up to 120% of AMI; Proposals that address critical housing needs of “Special Needs” populations, as defined by the BHRI program regulations, will be given special consideration. 2) Tier II: Preservation of existing affordable housing stock, no sooner than the initial fifteen (15) years for LIHTC developments and/or within ten (10) years of the end of the affordability period for all other developments, to prevent loss of units due to market conversion, loss of units due to critical physical needs, or loss of units due to ownership capacity/program commitment. 3) Tier III: Preservation of the existing affordable housing stock outside of the time periods outlined in Tier II, to prevent loss of units due to market conversion, loss of units due to critical physical needs, or loss of units due to ownership capacity/program commitment.
