RES 94080 - Laserfiche WebLink

Pxiotity shall be given to projects or activities which create now affordable housing through new construction, acquisition, rehabilitation, extending the term of affordability, and simihr methods. If deemed appropriate, the City Council may establish a target or cap each year for the amount of the Housing Fund which may be made available to supplement the Community Development Block Grant (CDBG) program in conjunction with the annual CDBG funding allocation process. The portion of the Housing Fund which is derived fwm fees collected from commercial, office, and industrial development shall be segregated from the portion of the fund derived from zesidnntial development, as rcquired in Section 17.40.090C. Accordingly, the former may be used solely for activities aimed at providing lower-income housing for Ple:,~nton workers. Uses of the Lower-Income Housing Fund The City Council has established the following categories as alinwabl~ uses of the Housing Fund: I. Property Acquisition A. The purchase of land for which the purpose is the new construction of: Rental or ownership housing for "very low income" and/or "low income" households. Ownership housing for "moderate income," first-time home buyer households. The purchase of existing housing units for which the purpose is the development (e.g., through conversion, redevelopment, rehabilitation) of: Rental or ownership housing for "very low income" and/or "low income" households. Ownership housing for "moderate income," first-time homo buyer households. The purchase of existing affordable housing units in which prior affordability provisions axe at risk of termination or expiration and where the objective is to maintain or prolong housing affordability, including: 2