RES 231414 - Laserfiche WebLink

31 | City of Pleasanton 2023-2031 Housing Element Goal 2: Use a range of tools and methods to facilitate housing production, reflecting a range of housing types, sizes, affordability levels, and tenure, and provide access to housing opportunities that meet the diverse needs of the community. Policies Policy 2.1 Use the Lower-Income Housing Fee (LIHF) to support the production of and access to housing affordable to extremely low-, very low- and low-income households, with the objective of using the Lower Income Housing Fund in a manner consistent with the City ordinance, and to support affordable housing, particularly developments proposed by non-profit developers that include a high proportion of affordable units, suitable to accommodate a variety of different household types and sizes, including units with more than two bedrooms and suitable for large families. Use of the LIHF may include but is not limited to the following uses of funds: • To supplement and leverage State and Federal funds (i.e., provide “seed money”) in the development of housing affordable to very low- and low-income households and in-house loan programs, so that the fund may be used most efficiently and maintained over time. • Advance homeownership opportunities, for example, through First Time Homebuyer Assistance Programs that write down mortgage costs. • Purchase of land for affordable housing, and to support construction of housing on City- owned land. • Extend affordable rent restriction agreements and avoid loss of at-risk units. • Provide rental assistance to qualifying lower-income households. • Rehabilitate existing housing. • Support development of affordable housing, through issuance of tax‑exempt bonds, posting of loan collateral, payment of pre-development costs. • To otherwise provide direct financial and technical support to help produce housing units affordable to lower‑income households. Policy 2.2 When considering how to utilize the City’s Lower Income Housing Fund for specific housing developments, consider the ability of the project and developer (i.e., non-profit and/or for-profit) to successfully secure funding and the likelihood of the project to be developed, and prioritize allocation of funding accordingly.