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RES 231370
City of Pleasanton
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RES 231370
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3/10/2023 4:04:47 PM
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3/10/2023 4:04:35 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
3/7/2023
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Program 18.4:Use the <br /> Lower Income Housing Fund <br /> to extend rent restriction <br /> agreements,purchase land, Use the lower-income-housing fee to <br /> write down mortgage costs, generate funds for the provision of housing <br /> rehabilitate units,subsidize affordable to extremely low-,low-and very <br /> rents,issue tax exempt low-income households.The low-income <br /> bonds,post loan collateral, housing fund should be used primarily to <br /> pay pre-development costs, leverage State and Federal funds in the In July 2017,construction of Phase 1 of Kottinger Gardens was completed,and in <br /> and otherwise help produce development of housing affordable to low- Explore ways to use the fund September 2019 Phase 2 was completed which included funds from the Lower Income <br /> housing units affordable to and very low-income households and in- for the list of activities in the Housing Fund(LIHF),to assist in the redevelopment of Kottinger Place and Pleasanton <br /> lower income households. house loan programs,so that the fund may program annually and as Gardens,two aging rental complexes that provide housing to extremely low-income <br /> The objective of this is to be used most efficiently and maintained needed. elderly persons.The City also committed$2.25 million from the fund for the Sunflower <br /> utilize the Lower Income over time. When considering allocation of Hill project which was completed in 2020. <br /> Housing Fund in a manner these funds,priority will be given to non- <br /> consistent with City profit housing developers with a project <br /> ordinance and to support including three bedroom units affordable to <br /> affordable housing, large extremely low,low-and very low- <br /> particularly developments income households.Quantified Objective: <br /> proposed by non-profit 150 units <br /> developers that include units <br /> for large families at very low <br /> incomes. <br />
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