RES 231370 - Laserfiche WebLink

Program 18.4:Use the Lower Income Housing Fund to extend rent restriction agreements,purchase land, Use the lower-income-housing fee to write down mortgage costs, generate funds for the provision of housing rehabilitate units,subsidize affordable to extremely low-,low-and very rents,issue tax exempt low-income households.The low-income bonds,post loan collateral, housing fund should be used primarily to 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 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 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 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 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 utilize the Lower Income over time. When considering allocation of Hill project which was completed in 2020. Housing Fund in a manner these funds,priority will be given to non- consistent with City profit housing developers with a project ordinance and to support including three bedroom units affordable to affordable housing, large extremely low,low-and very low- particularly developments income households.Quantified Objective: proposed by non-profit 150 units developers that include units for large families at very low incomes.