RES 92158 - Laserfiche WebLink

Pleasanton Gardens project which contains 39 units for low-income seniors. IV~ POTENTIAL PRESERVATION FUNDINQ BOURCE~ A variety of federal, state and local programs exist which provide opportunities for preserving at-risk units. These include: Community Development Block Grant (CDBG) funds, federal HOME program, future State Housing and Communi~yDevelopmen~ Department funding, Lower-Income Housing Fee (in-lieu affordable housing), Growth Management Program, density bonus, and tax-exempt financing. Be Ce De Federal Community Development Block Grant ¢CDBG) ProGram The City receives approximately $125,000 per year in CDBG funds from HUD. Historically, these funds have been used to assist nonprofit organizations in acquiring fixed assets and making facility improvements. The City budget for the 1992-93 fiscal year"allocates $116,000 in CDBG funds for six minor projects. No funds are available from this source during the nex~ two years for the development or preservation of additional low-income rental units. Federal HOME Prgaram The City does not expect to receive any federal HOME Program funding in the 1992-93 fiscal year. However, future annual funds are expected to average in the vicinity of $100,000. Funds could be used for the acquisition of affordable housing with expiring state or local subsidies. Future State Housina and Community Development Department The' State Housing and Community Development Department iS currently developing programs for both rehabilitation and new construction of rental housing for very low- income tenants. Approximately $400 million will be made available in the nex~ one to two years. Until these programs are developed, the potential availability of possible funding in ~leasanton cannot be determined. Lower Income Housina Fe~ In 1990, th, City adopted the "Lower Income Housing Fee" ordinance, establishing a development fee in-lieu of cons=rutting housing for lower income households. Ail residential, commercial, office and industrial - ? -