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General Plan Excerpts — Lower -Income Housing Fund ATTACHMENT 1 Policy 18: Use the lower -income -housing fee to generate funds for the provision of housing affordable to extremely low-, low- and very low-income households. The low-income housing fund should be used primarily to leverage State and Federal funds in the development of housing affordable to low- and very low-income households and in-house loan programs, so that the fund may be used most efficiently and maintained over time. When considering allocation of these funds, priority will be given to non-profit housing developers with a project including three bedroom units affordable to large extremely low, low- and very low-income households. Program 18.1: Review and modify the lower -income -housing fee annually in conformance with AB 1600, and consider changing the basis of the fee to reflect the true cost of providing housing. Program 18.2: Continue to exempt all housing units affordable to low- and very low- income households from the low-income housing fee. Program 18.3: Use the Lower -Income Housing Fund to help build housing affordable to low- and very low-income households on City -owned land. Program 18.4: Use the Lower -Income Housing Fund to extend rent restriction agreements, purchase land, write down mortgage costs, rehabilitate units, subsidize rents, issue tax-exempt bonds, post loan collateral, pay pre -development costs, and otherwise help produce housing units affordable to lower-income households. The objective of this is to utilize the Lower Income Housing Fund in a manner consistent with City ordinance and to support affordable housing, particularly developments proposed by non-profit developers that include units for large families at very low incomes. Program 18.5: When considering how to utilize the City's Lower -Income Housing Fund, consider whether a proposal with a non-profit housing developer and a for- profit housing developer partnership should be a higher priority project due to its ability to potentially secure better funding and be developed. - Policy 24: Use the City's lower-income housing fund as seed money for Federal and State tax credits to promote the construction of housing affordable to extremely low-, low- and very low-income households. Policy 26: Encourage non-profit and joint for-profit housing developments by offering incentives. Non-profit and joint for-profit housing developers of housing affordable to moderate-, low- , extremely low-, and very low-income households shall have the highest City priority for approval. Specific City incentives to encourage such housing developments are the following: • Priority for the Growth Management affordable -housing sub allocation; • Expedited permit processing; • Fee waivers; • Contributions from the lower-income housing fund; • Use of available City -owned land; • Density bonuses; • City assistance in obtaining financing or funding; • Assistance in providing public improvements; 2