3A Public Hearing 2008 0317 - Laserfiche WebLink

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LOCAL Redevelopment Housing Set-Aside Funds State Redevelopment law requires redevelopment agencies to set aside 20% of their tax increment revenue to provide affordable housing for low- to moderate-income households. The City will use the Redevelopment Housing Set-Aside funds from its three Redevelopment Project Areas to finance several affordable housing activities in line with the City's Housing Element and Housing Strategy: single family rehabilitation, multifamily rehabilitation, first-time homebuyer loans, and new affordable housing construction. The City will also utilize Redevelopment Housing Set-Aside funds to meet the match required when using HOME funds for an affordable housing project. Matching requirements of the HOME Program must be satisfied with non-federal dollars. City General Funds The City anticipates funding social service providers for San Leandro residents through a combination of General Funds and CDBG funds. The City also plans to use a small amount of General Funds to fund the Rent Review Program, which was created through a City ordinance to assist landlords and tenants in mediating rent increases. City Affordable Housing Trust Fund The City Affordable Housing Trust Fund includes in-lieu fees from the City's Inclusionary Zoning Ordinance from for-sale projects consisting of two to six total units. As of March 2007, the City had $24,314 in the Trust Fund, all from in-lieu fees. PRIVATE Inclusionary Zoning Ordinance The City adopted a Citywide Inclusionary Zoning (IZ) Ordinance in December 2004 that requires developers of new rental or ownership housing to set aside at least 15 % of their project units for low- to moderate-income households. Because of the City's limited affordable housing funding resources, the IZ Ordinance enables the City to have private developers help it meet its affordable housing needs. Community Reinvestment Act (CRA) Local lenders, under the Community Reinvestment Act (CRA), participate with the City in providing homebuyer counseling services and loans to first-time homebuyers. LEVERAGING PLAN For all housing and community development activities, San Leandro will support applications by other entities to all public and private sources of financing that will improve the activities outlined in the Five-Year Strategic Plan. Federal funds will be leveraged with local funds, including those from Redevelopment Agency Housing Set-Aside. Draft Action Plan - FY2008-09 City of San Leandro Page 5