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t~cud to-sard ~e. quirin~ affordable kousin~ units t~ther ~] ,on co[[eeting the in-lieu fee, thc Lowc~ <br />Income Housing Fund is not expected to grow si~nificM tl¥ in the future. <br /> <br />As indicated in Table A listed below, the scope of p(,tcntial affordable housing projects and <br />activities significantly exceeds the current amount of Lo ;~cr Income Housing Funds and is llkel¥ <br />greater than the amount that will be collected in the nea: ~uture. In recognition of this s|tuatlon, <br />at its mectir~ of December 15, staff requested the Ho~ ~ing Commission review it's listiug of <br />annual priorities (Attachment B) to identify any new pre iects listed in Table A below that should <br />be added to this list. In response, the Commission ratcc the EAH project as a "hi~hest priority" <br />project and recommended the City Council authorize s~ uTto explore this projec~ with EAH. In <br />response, staff is seeking City Council direction regar¢ lng this activity. While stuff would not <br />typically rcqucst Council direction regarding prelin~iuary discussions, thc developer has <br />indicated concern that its option on the property is soon to expire and as such it is looking for a <br />level of City interest that it can forward to the developer to extend this option. <br /> <br /> Discussion <br /> <br /> Table A below summarizes the projects and proposals If which staff is aware that may request <br /> or require City funds or similar assistance in the near fu ~re: <br /> <br /> TABLE A: CURRENT AFFORDABLE PROPOSALS <br /> <br /> Project I Propo#l I.c~.aUon D#cfll:~Jon No. of Unb Afforclablllty A~cm <br /> L~'d ~ <br /> Very Iow and Unknown IxJt <br /> <br /> ,NJf der MmJr pl'opef~ ~'Ineylwd Ave. 100 Vet7 kMafld $2 ~o 4 nlJllicm <br /> (v~,c~t) Iow income <br /> <br /> Del AnoN> Ape(enents 3955 V'mey~rd Ave. 115 Vev/~ and $2 to 5 mlll~m <br /> ~ ~ and City (e~sling) kM ~ ($17-$44kAmlt) <br /> kM34~nent may no <br /> <br /> Charier Praper~ I Vnlgga Vineyard Ave. 94 m'~t)n~ab~ Ve~j kM, Iow, $2 · 4 milll°n <br /> <br /> Bay I~ I Montslena W. Las Pos~as Blvd. 25-42 affo~l. <br /> Low income $500,000! <br /> <br /> Olher Hacieflda p~jsc~ I-lacieflda Business VeqJow md <br /> (e.g., Shakley site) Part (various sites) (nol kflown) lo. income Sl to2n~Jon <br /> <br /> SR:04:021 <br /> Page 2 <br /> <br /> <br />