Reso 2005-109 - Laserfiche WebLink

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POLICIES AND ACTIONS PROGRESS Policy 56A5 "AT RISK" RENTAL iJNITS Develop programs to preserve affordable housing in projects with affordability restrictions that will expire during the next 10 years. Currently, the City will work with any interested developer who may wish to acquire and rehab "at-risk" units and consider providing financial assistance to ensure ongoing affordability on a case-by-case basis and as funds are available. Action 56.05 - A: As part of considering case-by-case projects, City staff considers the suggestions in this Action item. Action 56.05 - B: As part of the City's annual report (Consolidated Plan) to HUD, monitoring "at-risk" units are a regular program activity. Action 56.05 A: Protection Strategy for At-Risk Units Develop a strategy to protect the 73 below market rate (BMR) rent units set to expire in 2008 at the Greenhouse Towrzhomes (8 very low and 31ow income u~zits) and Parkside Commons (4 very low and 581ow income units). The strategy should include the following components: • Offering low-interest rehabilitation loans or other forms of financial assistance to owners of these properties in exchange an agreement to retain the units as affordable. • Working collaboratively with the project owners and non profit housing developers who tnay be interested in acquiring an ownership share in the project. • Exploring other incentives (such as fee reductions or allowances for additional development) in exchange for a renewal of affordability restrictions. In. the event that pratection of the units is infeasible, ensure that impacted tenants are notified at least one year prior to the conversion date and are provided with f-esour•ces for assistance. Action 56.05-B: Monitoring "At-Risk" Units In addition to the units described above, monitor the status of other assisted housing units that are at risk of conversion beyond the timeframe of this Housing Element. Year 2004 Annual Housing Prog~°ess Report 32 City Of San Leandro