RES 92158 - Laserfiche WebLink

ZNTRODUCTION Government Code Section 65583(a)(8) requires all cities and counties to conduct an analysis and undertake programs for preserving~existing assisted rental housing developments that are eligible to change to non-low-income housing during the next ten years due to the termination of subsidy contracts, mortgage prepayment, or expiration of use restrictions. The purpose of this Report is to present the City's detailed analysis and recommended programs pursuant to this requiriment. Report contents are divided into the following sections: I. Inventory and Analysis of Units at Risk of Losing Use Restrictions II. Cost AnalYsis of Producing New Units Versus Preserving Existing At-Risk Units · III. Public and Private Nonprofit Organizations Acquiring and Managing At-Risk Projects Capable of IV. Potential Preservation Funding Sources Recommended Housing Element Revisions Intended to Preserve Units at Risk of Losing Restrictions. A minimum ten year time frame consisting of two five year intervals is required for the analysis. However, since the City has numerous assisted projects with use restriction termination dates which extend well beyond this period, the analysis includes all assisted projects regardless of their termination dates. July 1, 1990 is used at the starting date for the analysis since this was the date of the last Housing Element update required by the State. In the future, when the Housing Element is updated pursuant to the State statutory five year increment, then the analysis and programs should also be adjusted to reflect at least the ensuring ten-year period. INVENTORY AND ANALYSIS OF UNITS AT RISK OF ~Q$ING USx RESTRICTIONS Inventory Description A comprehensive inventory matrix of projects containing at-risk assisted units is presented on the following page. Projects are ordered starting with the date of the earliest potential termination of use restrictions to the latest, and grouped into three time periods: - i -