RDA Reso 2007-015 - Laserfiche WebLink

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Table 9a reflects 2007 estimates based on the: 1) revised LMHF targeting formula for seniors, 2) actual new affordable housing units created or approved by the City Council (i.e., Casa Verde, Eden Housing affordable senior apartments); and 3) increased LMHF revenues and revenue projections. Consequently, the maximum LMHF expenditure ($10.2 million vs. $2.4 million) and unit production (105 units vs. 37 units) limits for senior housing increased noticeably between Tables 9 and 9a; while the minimum expenditure and unit production targets for very low and low income units increased slightly. Table 9a above also shows that the Agency's expected production of 50 new affordable seniors units (i.e., Eden Housing affordable senior rental project) with LMHF funds falls well below the maximum limit of 105 senior units. While the Agency has not yet been able to expend LMHF funds to meet the minimum 31 unit low income unit target in Table 9a, the construction of 67 very low income rental units in the Casa Verde project has enabled the Agency to exceed its very low income housing threshold of 57 units. Looking Ahead: Anticipated Activities in the Next Implementation Plan Period Table 10 shows the Agency's forecasted LMHF expenditures in 2004. Table l0a provides an updated version of the City's Ten-Year LMHF Expenditure Plan and reflects higher total annual expenditures except in FY 2004-05. Below is a list of notable changes between Tables 10 and 1 Oa. • Total expenditures in Table l0a were lower than projected in Table 10 for FY 2004-05, -while they were higher in FY 2005-06 because the Agency purchased the former Islander Motel (now called Casa Verde). • The higher projected annual expenditures in Table l0a for the Housing Rehabilitation Program beginning in FY 2007-08 were based on ongoing demand. The popularity of the City Housing Rehab Program, which provides loans and grants to low and very low income homeowners through LMHF, is evident based on the increased expenditures for the program between FY 2005-06 through FY 2007-08. Since FY 2004-05, the program has helped 83 lower income homeowners with grants or loans for home improvements. Of the 83 rehab loans and grants awarded through FY 2006-07, forty-four (44) were for senior homeowners. • The City's First Time Homebuyer Loan Program was underutilized from FY 2004-OS through FY 2006-07, but demand increased significantly in FY 2007-08 as a result of the Willows condo conversion development. • Table l0a shows that the Agency has not assisted on any apartment rehabilitation projects because. no opportunities have arisen. However, in 200, the City assisted Allied Housing, Inc., a local nonprofit developer, to acquire the Mission Bell Apartments in the Joint Redevelopment Project Area with fedexal HOME funds. Allied Housing was able to preserve affordability of 20 of the 25 rental units, while converting the remaining five market rate units to affordable very low income units. • "New Development" expenditures in Table l0a represent LMHF expended or allocated to Casa Verde and the Eden Housing affordable senior apartment projects. Mid-Term Review Page 17