RES 79226 - Laserfiche WebLink

SR 79:268 Page 3 Housing Authority Energy Conservation improvements Kottinger Place: at Cost 1. Weatherization of buildings $ 10,594.00 2. Gas conservation measures 20,912.00 3. Water and electric saving devices 7,720.00 Unfunded 6th Year Projects 1. Southern Pacific Railroad Park Acquisition Cost $ 45,000.00 2. Angela Street Reconstruction 80,000.00 Unfunded 5th Year Project Cost Division Street Storm Sewer T'~,000.00 If the City of Pleasanton does choose to drop any of its sixth year projects, and does not replace them with acceptable projects, it is highly likely that funds will be lost to other cities. The reallocation procedures and stiff competition from other cities would make it very difficult for the City of Pleasanton to recoup any of the funds in the reallocation pool. Pleasanton projects which remain unfunded from the 5th and 6th years are all public works type projects. The County rating system is such that it is extremely difficult for projects other than those which directly effect housing for low and moderate income people to score high enough to rank above the cutoff. Landbanking One of the projects designated in the 6th year HCD program is "landbanking." Landbanking is a process by which land suitable for housing can be reserved or purchased for the purpose of providing sites for subsidized housing. Another entity, usually a private developer, constructs the housing, passing on the savings in land costs to residents in the form of lower rents. Most cities use landbanking in conjunction with Section 8 housing. There are numerous steps in the landbanking process, including: 1. City picks out one or more potential sites without committing itself in anyway to their purchase; Department of Housing and Urban Development (HUD) sends a representative to review each site and give preliminary approval;