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3A Public Hearing 2007 0416
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3A Public Hearing 2007 0416
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5/4/2007 12:37:43 PM
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4/13/2007 9:18:55 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/16/2007
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_CC Agenda 2007 0416
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\City Clerk\City Council\Agenda Packets\2007\Packet 2007 0416
Reso 2007-052
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\City Clerk\City Council\Resolutions\2007
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<br />Mortgage Revenue Bonds <br />Under the Internal Revenue Code, the City can become an issuer of mortgage revenue bonds for <br />the purpose of funding affordable housing development. Under the regulations, at least 20% of <br />the units must be affordable to families at or below 50% of the area median family income <br />(AMI) or 40% of the units affordable to families at or below 60% of the AMI. However, the <br />City can negotiate any amount allowed for rent levels that would be restricted in exchange for <br />issuing the tax-exempt bonds. <br /> <br />Mortgage Credit Certificates <br />Alameda County serves as the lead agency for allocation of Mortgage Credit Certificates (MCC), <br />which provide a tax credit to subsidize the mortgage interest rate for qualified first-time <br />homebuyers. The County receives MCC funding through State bonds. <br /> <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 />City 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 March 2007, <br />the City had $218,424 in the Trust Fund, all from in-lieu fees. <br /> <br />PRIVATE <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 % oftheir project <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 />Draft Action Plan - FY2007-08 <br />City of San Leandro <br />Page 5 <br />
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