3A Public Hearing 2011 0307 - Laserfiche WebLink

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increment revenue to provide affordable housing for low- to moderate - income households. The City will use the Redevelopment Housing Set -Aside funds from its three (3) Redevelopment Project Areas to finance affordable housing activities in line with the City's Housing Element: single family rehabilitation, multifamily rehabilitation, first -time homebuyer loans, and new affordable housing construction. The City may also utilize Redevelopment Housing Set -Aside funds to meet the match required when using HOME funds for an affordable housing project. Matching requirements of the HOME Program must be satisfied with non - federal dollars. City General Funds Due to the City's current budget deficit, the City does not anticipate using General Funds to fund social service providers for San Leandro residents in FY 2011 -12. City Affordable Housing Trust Fund The City Affordable Housing Trust Fund includes in -lieu fees from the City's Inclusionary Zoning Ordinance from for -sale projects consisting of two to six total units. The City has $65,251.40 in the Trust Fund, all from in -lieu fees. PRIVATE Inclusionary Zoning Ordinance The City adopted a Citywide Inclusionary Zoning (IZ) Ordinance in December 2004 that requires developers of new rental or ownership housing to set aside at least 15 % of their project units for low- to moderate- income households. Because of the City's limited affordable housing funding resources, the IZ Ordinance enables the City to have private developers help it meet its affordable housing needs. Community Reinvestment Act (CRA) Local lenders, under the Community Reinvestment Act (CRA), participate with the City in providing homebuyer counseling services and loans to first -time homebuyers. LEVERAGING PLAN For all housing and community development activities, San Leandro will support applications by other entities to all public and private sources of financing that will improve the activities outlined in the Five -Year Strategic Plan. Federal funds will be leveraged with local funds, including those from Redevelopment Agency Housing Set - Aside. MATCHING PLAN Matching requirements of federal programs, such as HOME, will be satisfied with non - federal sources. The HOME Program requires a 25 percent (25 %) match to HOME - assisted projects. Eligible sources of match include the value of waived fees, value of donated land, and cash from a non - federal source such as Redevelopment Housing Set -Aside funds. PUBLICLY -OWNED LAND The City or the Redevelopment Agency may consider purchasing other land, which would be "banked" for a housing project in the near future. DRAFT Action Plan - FY 2011 -2012 City of San Leandro Page 7