Laserfiche WebLink
Action 7.3: Explore innovative sources of <br />local funds to support affordable housing <br />development. <br />Fair Housing Matrix -pg 18 <br />OMB Control No: 2506-0117 (exp. 06/30/2018) <br />HOME Consortium jurisdictions should <br />continue to explore alternative sources of <br />local affordable housing funds to partially <br />or fully substitute for the loss of <br />Redevelopment funds for affordable <br />housing following the dissolution of <br />Redevelopment Agencies in California in <br />2011. Examples of such alternative sources <br />include the rededication of so-called <br />"boomerang funds" relinquished by the <br />State following the Redevelopment Agency <br />dissolulion process to affordable housing <br />production; the combination atone or <br />more existing funding streams into an <br />Affordable Housing Trust Fund; or the <br />issuance of tax-exempt bonds to support <br />affordable housing production. In <br />particular, Consortium jurisdictions should <br />review the provisions of SR 628 that was <br />signed into law in October 2010; SR 628 <br />provides for a new tax•increment financing <br />option for California Jurisdictions in the <br />form of an enhanced Infrastructure Finance <br />District (IFD). Enhanced IFDS may be used <br />by local jurisdictions for the financing of <br />specific infrastructure improvements or <br />other specific projects of communitywide <br />Significance. <br />CAPER <br />Alameda County Measure A-1 was a <br />voter -approved initiative authorizing a <br />$580 million general obligation bond to <br />invest in regional efforts to address the <br />lack of affordable housing. The City of San <br />Leandro has a base allocation of these <br />funds in the amount of almost $13 <br />million. These funds are specifically <br />designated for affordable rental housing <br />development with the goal of creating <br />and preserving affordable housing. <br />Additionally, there will be a county -wide <br />competitive pool for affordable housing <br />development, first-time homebuyer down <br />payment assistance, ownership housing <br />development, housing preservation to <br />assist senior citizens, people with <br />disabilities, and other low-income home <br />owners to remain safely In their homes. <br />39 <br />