RDA Reso 2004-023 - Laserfiche WebLink

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for very low income housing.) These sources plus tax increment will help the Agency fund the following programs to meet the goals in the Housing Element and for Redevelopment inclusianary and replacement obligations. • New Construction -Multifamily Rental: The Agency expects between one and four new 100% affordable multifamily housing projects to be built by nonprofit housing developers with financial assistance from the Agency, state, federal and conventional banking sources. The expected $5,000 local subsidy per unit for this program is lower than for other new construction types, assisting the City and Agency to reach their housing goals. The target population is very low and low income families. • New Construction -Single Family: Single family units typically built by for profit developers with 15% of the units required to be far low and moderate income families through the City's Inclusionary Zoning Ordinance. • First-Time Home Buyer Program: Provides financial assistance {through a second mortgage} to qualified low-and moderate-income borrowers to purchase their first home. Funds can be used toward a down payment or for closing cost with a maximum loan amount of $20,000. This program is targeted to buyers of Inclusionary Units or other affordable units. • Housing Rehabilitation Program: The program has two components, home repair grants and housing rehabilitation loans. Grants are for Iow income homeowners for minor home repair, mobile home repair, accessibility, exterior paint, yard clean up, and seismic strengthening. Low-interest Ioans are for major housing repairs such as roofing, plumbing, electrical, painting, and seismic safety. The loans carry three percent interest with no monthly payments, paid upon sale of house, refinancing, or vacancy of premises by owner, The maximum loan amount is $35,000. • New Construction -Condos: Anticipation of using set-aside funds or HOME funds to subsidize the construction of condos for low income families (51 to 80 percent of the AMI} who could then use the First Time Home Buyer Program to assist them with down payment assistance. These condos would be in the south East 14th Street vicinity, implementing the City's recent specific plan for this area. Tax increment can leverage other governmental, or in rare cases, non-profit, financing types to completely fund a project. Almost all grant or loan programs available from other sources for affordable/workforce housing programs require a local match. Other programs and sources the Agency may leverage to develop new projects include the State of California's Multifamily Housing Program, CaiHome, HELP Loan, and California Housing Finance Authority loan programs; HUD Section 202, Section 811, and Supportive Housing programs; and Federal Low Income Housing Tax Credits, Mortgage Credit Certificates, and Mortgage Revenue Bonds. 2004-2009Implernentation Plan Page 24