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Affordable Housing Trust Fund Report 2 February 16, 2010 FY2008-09 Monies deposited in the Fund must be used to increase and improve the supply of housing affordable to moderate-, low-, and very low: income households in the City. Monies may also be used to cover reasonable administrative or related expenses associated with the administration of this Ordinance. Fund monies shall be used in accordance with the City's Housing Element, Redevelopment Implementation Plan, Consolidated Plan or subsequent plan adopted by the City Council to construct or convert to affordable housing or assist other governmental entities, private organizations or individuals to do so. Permissible uses include, but are not limited to, assistance to nonprofit affordable housing developers, grants, and pre-development loan funds. The Fund maybe used for the benefit of both rental and owner-occupied housing. The Fund may also be used to administer the City's housing monitoring program to assure long- term compliance with all affordable housing agreements. From FY2004-OS through FY2006-07, the Fund's revenue balance as of June 30, 2007 was $674,047.40. In FY2007-08, the Fund expended $637,000.00 to assist Eden Housing in the acquisition of land for the Estabrook Senior Housing Project, leaving a balance of $47,505.40 as of June 30, 2008. As of June 30, 2009, the Fund's balance was $61,164.40. The Estabrook Place affordable senior rental housing development is currently under construction, and the construction end date is estimated to be in May 2010. Estabrook Place will eventually have 51 below-market rate units, 50 of which will serve very low-income seniors while one unit will be for an on-site manager. No other affordable units have been built or rehabilitated with the Fund's monies since the inception of the Fund. Under the City's Zoning Code Section 6-3028 and California Government Code Section 66006(b), the Community Development Director shall provide an annual report to the City Council on the status of activities undertaken with the City's Affordable Housing Trust Fund. This report evaluates the efficiency of this Ordinance in mitigating the City's shortage of affordable housing and recommends any changes to this Ordinance necessary to carry out its purposes, including any adjustments to the number of units to be required. Additionally, the City is required to have the City Council review this annual report and make it available to the public after public notice has been given. This report shall include a statement of income, expenses, disbursements and other uses of the Fund. This report should also state the number and type of inclusionary units constructed or assisted during the year of the report and the amount of such assistance. To date, the Ordinance and its fees have helped the City implement its Consolidated Plan and Housing Element goals of providing affordable rental housing for alower-income segment of the population through the acquisition/development of Estabrook Place. Public comments received for the current draft Housing Element Update for 2007-14 indicate that it may be desirable to amend the Ordinance to ensure it can effectively adapt to the housing market as outlined in Action 53.04-B: Revisions to Inclusionary Zoning Ordinance (see Applicable General Plan below). City staff shall continue to assess these public comments and plan to review feasible amendment options with Council around the summer of 2010.