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Reso 2006-039
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Reso 2006-039
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12/12/2006 2:04:30 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
5/1/2006
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<br />PART III. OTHER ACTIONS <br /> <br />BARRIERS TO AFFORDABLE HOUSING <br /> <br />Funding <br />The lack of available funds for affordable housing activities continues to be a problem for the <br />City. Along with its CDBG funds, the City will also seek to maximize leveraging of its available <br />HOME, Redevelopment Housing Set-Aside and McKinney Act Refunding Agreement funds <br />towards affordable housing activities in the coming fiscal year with any other'funding resources <br />it can utilize. <br /> <br />Land Costs <br />New construction and acquisition/rehabilitation of housing will be impacted by the high cost of <br />land in the Bay Area The viability and feasibility of future City-assisted affordable housing <br />developments may depend on the reasonableness of the land acquisition costs. The City will <br />conduct financial feasibility analyses on a project-by-project basis to ensure it is not over- <br />subsidizing affordable housing developers for any land purchase. Also, the City will continue to <br />work with owners of existing rental units to provide financing in exchange for affordability <br />covenants. <br /> <br />The high cost of buying a home in the Bay Area has made it difficult for first-time homebuyers <br />to become homeowners. Through funding for affordable ownership housing developments, the <br />City's First-Time Homebuyer Program (which is funded solely with Redevelopment Housing <br />Set-Aside funds) and referrals to the variety of existing public downpayrnent or financial <br />assistance programs, the City will seek to help low- and moderate-income new homebuyers. <br /> <br />Construction Costs <br />In addition to high land costs, the rising cost of construction can also negatively affect the <br />development of affordable housing construction and rehabilitation. In addition to undertaking <br />financial feasibility analyses on a project-by-project basis to ensure that the City is not over- <br />subsidizing development costs for affordable housing developers, the City will continue to work <br />with them as well through design, planning and financing review and recommendations to reduce <br />increased construction costs. <br /> <br />Local PolicieslRegulations <br />The City approved an Inclusionary Zoning Ordinance in December 2004 that required <br />developers to set aside 15% of their new ownership or rental housing units for low- and <br />moderate-income households. Because the policy is relatively new, it is too early to assess its <br />effectiveness. However, the City will monitor the progress of its inc1usionary zoning requirement <br />and assess, if necessary, how it can be improved through coordination with developer input. <br /> <br />Action Plan - FY2006-07 <br />City of Sail Leandro <br />Page 11 <br />
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