Laserfiche WebLink
CITY OF SAN LEANDRO <br />FY 2011-2012 AND FY 2012-2013 <br />ANNUAL AFFORDABLE HOUSING TRUST FUND REPORT <br /> <br />In December 2004, the City of San Leandro amended the Zoning Code by adopting Article 30, the <br />Inclusionary Zoning Ordinance (“Ordinance”). The purpose of the Ordinance is to encourage the <br />development and availability of housing affordable to a broad range of households with varying <br />income levels within the City, to increase the supply of affordable ownership and rental housing in San <br />Leandro, and to require that residential developers construct affordable housing units within their <br />projects. <br /> <br />For ownership residential developments with two to six total units, the requirements of the Ordinance <br />may be satisfied alternatively by having developers pay an in-lieu fee to the City’s Affordable Housing <br />Trust Fund (“Fund”). The Fund is an account established to collect and expend such in-lieu fees for <br />the purpose of furthering affordable housing as described in the Ordinance. The Fund also includes <br />revenue from condominium conversion fees and repayment of Fund loans. <br /> <br />Monies deposited in the Fund target the increase and improvement of the supply of housing affordable <br />to moderate-, low-, and very low-income households in the City. Monies may also be used to cover <br />reasonable administrative or related expenses associated with the administration of this Ordinance. <br /> <br />For FY 2011-2012, the Fund’s revenue balance as of June 30, 2012 was $66,923.40. In FY 2011- <br />2012, interest accrued totaling $437.00. There were no expenditures in this fiscal year. <br /> <br />For FY 2012-2013, the Fund’s revenue balance as of June 30, 2013 was $33,068.40. In FY 2012- <br />2013, the Fund received revenue of $31,145.00, which included $276.00 in accrued interest and a <br />$30,869.00 loan principal repayment made by the nonprofit Eden Housing on behalf of Estabrook <br />Place, an affordable 51-unit senior rental housing development. In January 2012 the City approved a <br />$100,000 development loan, including $65,000 from the Fund, to Eden Housing to assist its acquisition <br />of Surf Apartments, an affordable housing development with 36 below-market rate units serving very <br />low-income households and 10 market rate units, from the defunct non-profit Citizens Housing <br />Corporation and rehabilitation of the property. <br /> <br />City staff will further assess the effectiveness of the Inclusionary Zoning Ordinance, including the <br />Fund, during the updating of the Housing Element and General Plan in 2014. Staff will then bring <br />forward recommended amendments to the Ordinance for review by the Planning Commission and City <br />Council once they have been further refined. <br /> <br />Below is a table reflecting the revenue, expenditures, and ending balance from the last five years: <br /> BEGINNING BALANCE <br />AS OF JULY 1 <br /> REVENUE FROM <br />CURRENT FISCAL YEAR EXPENDITURES ENDING BALANCE <br />AS OF JUNE 30 <br />FY 08-09 47,505.40$ 13,659.00$ -$ 61,164.40$ <br />FY 09-10 61,164.40$ 4,844.00$ 41.00$ 65,967.40$ <br />FY 10-11 65,967.40$ 519.00$ -$ 66,486.40$ <br />FY 11-12 66,486.40$ 437.00$ -$ 66,923.40$ <br />FY 12-13 66,923.40$ 31,145.00$ 65,000.00$ 33,068.40$