Reso 2013-145 - Laserfiche WebLink

Home

CITY OF SAN LEANDRO FY 2011-2012 AND FY 2012-2013 ANNUAL AFFORDABLE HOUSING TRUST FUND REPORT In December 2004, the City of San Leandro amended the Zoning Code by adopting Article 30, the Inclusionary Zoning Ordinance ("Ordinance"). The purpose of the Ordinance is to encourage the development and availability of housing affordable to a broad range of households with varying income levels within the City, to increase the supply of affordable ownership and rental housing in San Leandro, and to require that residential developers construct affordable housing units within their projects. For ownership residential developments with two to six total units, the requirements of the Ordinance may be satisfied alternatively by having developers pay an in-lieu fee to the City's Affordable Housing Trust Fund ("Fund"). The Fund is an account established to collect and expend such in-lieu fees for the purpose of furthering affordable housing as described in the Ordinance. The Fund also includes revenue from condominium conversion fees and repayment of Fund loans. Monies deposited in the Fund target the increase and improvement of 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. For FY 2011-2012, the Fund's revenue balance as of June 30, 2012 was $66,923.40. In FY 201 1- 2012, interest accrued totaling $437.00. There were no expenditures in this fiscal year. For FY 2012-2013, the Fund's revenue balance as of June 30, 2013 was $33,068.40. In FY 2012- 2013, the Fund received revenue of $31,145.00, which included $276.00 in accrued interest and a $30,869.00 loan principal repayment made by the nonprofit Eden Housing on behalf of Estabrook Place, an affordable 51-unit senior rental housing development. In January 2012 the City approved a $100,000 development loan, including $65,000 from the Fund, to Eden Housing to assist its acquisition of Surf Apartments, an affordable housing development with 36 below-market rate units serving very low-income households and 10 market rate units, from the defunct non-profit Citizens Housing Corporation and rehabilitation of the property. City staff will further assess the effectiveness of the Inclusionary Zoning Ordinance, including the Fund, during the updating of the Housing Element and General Plan in 2014. Staff will then bring forward recommended amendments to the Ordinance for review by the Planning Commission and City Council once they have been further refined. Below is a table reflecting the revenue, expenditures, and ending balance from the last five years: BEGINNING BALANCE REVENUE FROM ENDING BALANCE AS OF JULY 1 CURRENT FISCAL YEAR EXPENDITURES AS OF JUNE 30 FY 08-09 $ 47,505.40 $ 13,659.00 $ - $ 61,164.40. FY 09-10 $ 61,164.40 $ 4,844.00 $ 41.00 $ 65,967.40 FY 10-11 $ 65,967.40 $ 519.00 $ - $ 66,486.40 FY 11-12 $ 66,486.40 �$ 437.00 $ - $ 66,923.40 FY 12-13 $ 66,923.40 $ 31,145.00 $ 65,000.00 $ 33,068.40