Reso 2005-046 - Laserfiche WebLink

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Mobile Home Grant Program The Mobile Home Grant Program provides grants from Redevelopment Housing Set-Aside funding for rehabilitation or seismic retrofitting of owner-occupied mobile home units. The maximum grant is $5,000. The program will assist approximately 25 mobile home units occupied by very low income owners over the next five years. Apartment Rehabilitation Program The program preserves affordable rental units. Using Redevelopment Housing Set-Aside funds, the Agency will provide low-interest loans to property owners in return for the owner maintaining a percentage of their units as affordable for 55 years. It is estimated that approximately 10 rental units will be created over the next five years. Support Maintenance of Existing Section 8 Assistance Certificates and Vouchers ^ Continue to support the Alameda County Housing Authority maintain its existing level of Section 8 housing vouchers in Sau Leandro (1,154 as of February 2005). The program provides assistance to very low-income tenants through rent subsidies which are paid directly to the landlord. Geographic Distribution All programs listed are available to eligible households throughout the City of San Leandro. Priority: Assist low and moderate income first time homebuvers Priority Analysis and Obstacles to Meeting Underserved Needs The Alameda County HOME Consortium prepared in part the following analysis of first time homebuyer needs and obstacles. As a Consortium member, the City of San Leandra subscribes to this priority and has proposed activities that meet the objective of assisting low- and moderate-income first time homebuyers. The Alameda County HOME Consortium Housing Needs Analysis documented that a sizable proportion of households eaniing moderate income (80% of median income) spend over 30% of their incomes on housing costs. This is partly due to the long-team trend of Bay Area household incomes not keeping pace with increasing rental and ownership costs. The gap between median incomes and median home prices is sizable. In 2004, the HUD median household income (for a family of four) for Alameda County was $82,200, while the median home price was $480,000 (for December 2004 according to DataQuick Information Systems). The median home price (as of December 2004 according to the Califonlia Association of Realtors) in San Leandro was $480,000, which was a 40% increase from the City median home price three years before. The Housing and Community Development Strategic Plan - FY 2005-09 City of San Leandro Page 10