24 - Laserfiche WebLink

THE CITY OF 24 LEASf�r r ' ' CITY COUNCIL AGENDA REPORT NTONL April 19, 2022 Community Development Planning Division TITLE: CONSIDER AND PROVIDE DIRECTION TO STAFF ON THE CITY OF PLEASANTON'S PARTICIPATION IN THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY (CSCDA) WORKFORCE HOUSING PROGRAM SUMMARY The California Statewide Communities Development Authority (CSCDA) is a Joint Powers Authority that was created in 1988 to enable local governments and eligible private entities secure tax-exempt financing for projects that provide certain public and other benefits. CSCDA's Workforce Housing Program is among those offered by an affiliate JPA, allowing for the acquisition of market-rate rental developments, which are then converted into moderate-income deed-restricted units. The City has been approached to consider participating in the Workforce Housing Program, including joining the affiliate JPA (CSCDA-CIA) as an initial step; and then, as opportunities arise, to consider participating in the acquisition of existing market-rate project(s). This agenda report provides the City Council with information and initial analysis of the CSCDA program and requests Council direction on the City's potential participation in it. RECOMMENDATION It is recommended the City Council receive staff's report, discuss the CSCDA program, and take no specific action at this time. At such time as a specific project proposal is under consideration, the City would consider joining the JPA and pursuing a property acquisition if determined to be warranted based on evaluation of the costs and benefits of a specific proposal. FISCAL IMPACT There is no fiscal impact associated with this initial request, nor would there be a cost associated with joining the JPA. However, as outlined in this Agenda Report, there are multiple fiscal considerations and potential impacts associated with acquisition of a workforce housing project, particularly with respect to the relinquishment of property tax revenues, and the longer-term fiscal costs and benefits that may come with the City's acquisition of a deed-restricted rental property. Such impacts would need to be carefully evaluated based on a specific acquisition proposal if the City opted to consider one in the future.