SR 05:103 - Laserfiche WebLink

resulted in a 30% increase to the residential component of the Lower Income Housing Fee (LIHF). After the recent adoption of the new Inclusionary Zoning Ordinance, the City determined to undertake a new study o£the LIHF to consider a further increase. A new fee structure was approved by the City Council in May 2003. The current fee amounts are: $8,917 per unit for single family residential development; $2,210 per unit for multi- family residential development and single-family units 1,500 sq. ft. and under; and $2.36 per square foot for commercial, office, and industrial development. These fee amounts will increase based on the annual CPI adjustment. The fees collected from new development contribute to the Lower Income Housing Fund, which is used by the City to fund activities related to the construction or acquisition of affordable housing. The City has allocated Housing Funds during the past several years for several projects, including "The Promenade" Apartments (which includes 68 low and very low income apartments) and Stanley Junction Senior Apartments (86 below-market apartments for seniors). The City has also used an average of over $100,000 per year in Housing Funds to supplement several housing projects which sought funds under the CDBG program funding allocation process. In addition, the City has committed approximately $500,000 in Housing Funds over the past several years to start several loan programs (including the current down payment assistance program being funded in part with state HELP funds) to assist low and moderate income first-time home buyers with primary and second mortgages to enable the purchase of existing homes in Pleasanton. In 2001, the City used $250,000 in Housing Funds to buy down the sales price of five homes in the new Nolan Farm development by SummerHill Homes (described earlier). The five single-family homes were sold at a below-market price of $130,000 (compared to a market value of over $400,000). The developer delivered the homes at a cost of $180,000, and the City provided $50,000 second mortgages. In addition, the Housing Fund is being used to provide up to $20,000 in second mortgage loans for each of the buyers of the 56 below- market priced duet homes on the Bernal property. Lead Abatement Because of the relatively young age of Pleasanton's housing stock, the City does not currently participate in the existing Joint Powers Authority (JPA) for Lead-Based Paint Abatement. However, the City recently worked jointly with the Alameda County Lead Poisoning Prevention Program and the City of Livermore to produce a professionally designed color brochure which was sent to home owners in housing built prior to 1978 and to programs and facilities whose clients are young children. The City will continue to monitor this issue and may consider future participation in the JPA. Local Tax Revenues Local tax revenues may be used for a variety of areas related to community development to provide facilities and services. DRAFY - Action Plan - FY05 City of Plensanton Page 8