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<br />DISCUSSION <br /> <br />The current balance in the UHF (as of December 2005) is approximately $7.4 million. This <br />assumes that all payments have been made to the assisted living project. As shown in Table B <br />below, the amount in the fund may grow by an additional $10 million within the next five to <br />seven years based on future fee revenue and return to the fund (e.g., repayment ofloans). <br /> <br />This estimate is based on an assumption that all multiple family units will provide affordable <br />units and 75% of the single-family homes will pay fees. This assumption is based on the past <br />practice of the Council requiring all multiple family developments to provide affordable units <br />and the fact that the majority of the single-family homes are planned as large lot developments <br />that may not effectively accommodate affordable homes. The table makes no attempt to project <br />any more unique approaches such as Inclusionary Unit Credits or off-site affordable <br />developments that are permitted in the Inclusionary Zoning Ordinance nor does it attempt to <br />project the impact that the current work on the General Plan may have on density and types of <br />units. However, there is no reliable way to estimate which developments will provide units or <br />pay fees. As a result, the Council must view future fee estimates conservatively. <br /> <br />TABLE B: <br />LOWER INCOME HOUSING FUND <br />PROJECTION FOR REVENUE BASED ON "REALISTIC" FEE PAYMENTS <br /> <br />Source: 2006 2007 2008 2009 2010 5-Year Total: <br />Residential: <br />Single Family >1,500 Units! Fee: 246/185 227/170 194/146 111/83 79/60 857/644 <br />f <br /> Revenue: $1,695,710 $1,620,549 $1,447,436 $855,772 $643,375 $6,262,842 <br />Multiple Family; <br />Single Family <=1,500 Units: 45 0 383 390 175 993 <br />f <br /> Revenue: $0 $0 $0 $0 $0 $0 <br />\;ommerclal/ Sq. Ft.: 146,634 145,340 12,624 100,000 100,000 504,598 <br />Office/Industrial: <br /> Revenue: $357,787 $368,815 $33,316 $274,467 $285,445 $1,319,830 <br /> $2,053,497 $1,989,364 $1,480,752 $1,130,239 $928,820 $7,582,672 <br /> <br />In addition to the projections for new fees, the UHF will receive second mortgages, loans and <br />ground lease payments from previously approved projects. Because repayment of some loans is <br />dependent on project cash flow, it is difficult to determine the amount of payments that will be <br />received. However, the City current loan portfolio is as follows: <br /> <br />SR:06:116 <br />Page 4 <br />