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Affordable Housing Trust Fund Report 4 February 16, 2010 FY2008-09 This requirement is consistent with State law for redevelopment project areas. A higher percentage of affordable units are required for projects that receive financial assistance from the Redevelopment Agency. Action 53.04-B: Revisions to Inclusionary Zoning Ordinance Revise the Inclusionary Zoning Ordinance (Zoning Code Article 30) to incorporate "lessons learned " in the five years since its adoption. It may be desirable to amend the Ordinance so that it is more responsive to market fluctuations. The aim of the revision should be to increase the production of affordable units while still achieving geographic dispersal of affordable housing across the city. Changes to the Ordinance should consider the public feedback received during the Housing Element update process. Among the public's suggestions were: • Making it easier to contribute to the Affordable Housing Trust Fund rather than incorporating inclusionary units on site. Such a change could enable deeper levels of subsidy for affordable housing development and increase the supply of very low and extremely low income units when above moderate income housing is built. • Allowing developers to acquire and refurbish foreclosed properties and resell them as income-restricted inclusionary units (in lieu of developing new units). • Modifying the way inclusionary requirements are calculated, rounding "up" rather than "down "for fractional assignments. • Adjusting the percentages of owner-occupied units targeted to low- versus moderate- income households based on market conditions. The City will ensure that any revisions to the Ordinance are made with input from developers, builders, realtors, and housing advocates in the San Leandro area, as well as the community at large. Policy 53.06 New Rental Housing -Strongly encourage the development of additional rental housing in the City, including both market rate units and affordable units. It should be recognized that many market rate rentals meet the affordability criteria for low- and moderate- income households. Expanded production could increase the supply of workforce housing and address the deficit in housing production for households earning between 60 and 120 percent of the area median income. Summary Of Public Outreach Efforts A 15-day public notice about the FY08-09 Affordable Housing Trust Fund Report was available at City Hall, the Housing Services Division of the Community Development Department, the main library, and via the City's website. Public review and public comments were accepted by the Housing Specialist during this 15-day period, from January 25 to February 16, 2010. Fiscal Impact Not applicable.