ATTACHMENTS 2,3,4 - Laserfiche WebLink

ATTACHMENT 3 Historical Uses of the Lower Income Housing Fund (Expenditures) The fees paid since 1978 have gone into the City's Lower Income Housing Fund (LIHF). In July 1994, the City Council adopted a set of policies and guidelines for use of the LIHF (see attached). In summary, the LIHF can be used for the following general activities: Property Acquisition (land and/or existing housing units) To date, approximately $4.4 million has been utilized from the LIHF to assisted acquisition activities in projects such as the Parkview assisted living facility, purchase of land for the Rotary Commons home ownership project, acquisition of housing for developmentally disabled adults by HOUSE, Inc., and the recent acquisition of a residential lot on Vineyard Avenue for future use in conjunction with the redevelopment of Kottinger Place. New Construction (e.g., construction costs, payments for fee waivers, etc.) The LIHF has been used to fund approximately $5.4 million toward new construction activities for rental developments (e.g., Division Street Senior Apartments, Stanley Junction, Gardens at Ironwood, Greenbriar/Kensington, Archstone Hacienda) and ownership projects (e.g., Palomino Place, California Somerset, Rotary Commons, Sycamore Place) as well as the Parkview assisted living facility. The majority of this type of assistance involved the payment of City fees from the LIHF on behalf of the developers. Rehabilitation (e.g., to either add new affordable units or maintain affordability in existing units) Prior to the receipt of Capital Grant Funds and Operating Subsidy from HUD, the City allocated funds from the LIHF for housing rehabilitation activities at Kottinger Place. Smaller amounts of funding were also allocated to Pleasanton Gardens (senior housing) and Bay Area Community Services (rental housing for mentally disabled adults) for a total of approximately $275,000. Housing Counseling / Public Services Related to Housing Approximately $50,000 to $100,000 has been allocated annually from the LIHF to fund service contracts with agencies such as ECHO Housing, Community Resources for Independent Living (CRIL), Abode Services, and Tri-Valley Housing Opportunity Center (TVHOC) to provide housing counseling services to Pleasanton residents. Financial Activities The City has provided approximately $7.2 million through the LIHF in the form of direct financial assistance to affordable projects, provision of second mortgage loans for below-market units, loan guarantees, leveraging of other funding sources, and similar activities. Major projects that have received this type of financial assistance include the Promenade, the Parkview, the Bernal property housing developments, and the Gardens at Ironwood. The activities summarized above represent a total of over $18 million in expenditures in these various areas. In addition, the City has used the LIHF for a number of consultant studies related to projects that may not be reflected above (e.g., financial consultant services for the Parkview assisted living project, the current nexus study for the Lower Income Housing Fee, and others). Staff Recommendation As discussed earlier, the purpose of this agenda item is to provide general background information for the Commission's reference. This item is for the Commission's information only; no action is required. Page - 4 -