Laserfiche WebLink
<br />LOCAL <br /> <br />Redevelopment Housing Set-Aside Funds <br />State Redevelopment law requires redevelopment agencies to set aside 20% of their tax <br />increment revenue to provide affordable housing for low- to moderate-income households. The <br />City will use the Redevelopment Housing Set-Aside funds from its three Redevelopment Project <br />Areas to finance several affordable housing activities in line with the City's Housing Element <br />and Housing Strategy: single family rehabilitation, multifamily rehabilitation, first-time <br />homebuyer loans, and new affordable housing construction. The City will also utilize <br />Redevelopment Housing Set-Aside funds to meet the match required when using HOME funds <br />for an affordable housing project. Matching requirements of the HOME Program must be <br />satisfied with non-federal dollars. <br /> <br />City General Funds <br />The City anticipates funding social service providers for San Leandro residents through a <br />combination of General Funds and CDBG funds. The City also plans to use a small amount of <br />General Funds to fund the Rent Review Program, which was created through a City ordinance to <br />assist landlords and tenants in mediating rent increases. <br /> <br />Citv Affordable Housing Trust Fund <br />The City Affordable Housing Trust Fund includes in-lieu fees from the City's Inclusionary <br />Zoning Ordinance from for-sale projects consisting of two to six total units. As of April, 2006, <br />the City had $127,761.40in the Trust Fund, all from in-lieu fees. <br /> <br />PRIV ATE <br /> <br />Inclusionarv Zoning Ordinance <br />The City adopted a Citywide Inclusionary Zoning (IZ) Ordinance in December 2004 that <br />requires developers of new rental or ownership housing to set aside at least 15 % of their proj ect <br />units for low- to moderate-income households. Because of the City's limited affordable housing <br />funding resources, the IZ Ordinance enables the City to have private developers help it meet its <br />affordable housing needs. <br /> <br />Community Reinvestment Act (CRA) <br />Local lenders, under the Community Reinvestment Act (CRA), participate with the City in <br />providing homebuyer counseling services and loans to first-time homebuyers. <br /> <br />LEVERAGING PLAN <br /> <br />For all housing and community development activities, San Leandro will support applications by <br />other entities to all public and private sources of financing that will improve the activities <br />outlined in the Five-Year Strategic Plan. Federal funds will be leveraged with local funds, <br /> <br />Action Plan - FY2006-07 <br />City of San Leandro <br />Page 5 <br />