Reso 2019-075 - Laserfiche WebLink

Home

Explain how federal funds will leverage those additional resources (private, state and local funds), including a description of how matching requirements will be satisfied Non-Entitlement Resources include the City of San Leandro’s Affordable Housing Trust Fund. The City of San Leandro has in its municipal code inclusionary zoning that requires new residential development to provide a percentage of it residential units affordable to lower income households. Additionally, City is exploring the implementation of a housing impact fee that, as the economy continues to prosper, is collecting revenue to be used toward supporting affordable housing development activities. Finally, the City continues to receive loan repayments of former Redevelopment Agency Low and Moderate Housing loans. When these funds are received they are deposited into the City’s Low and Moderate Housing Asset Fund for use toward similar affordable housing activities. In the Fall of 2016 Alameda County 73% of the voters approved measure A1, a $580 million general obligation bond measure designated to support affordable housing. City staff continue to participate in the effort to develop policy guidance on expenditures of these funds. A total of about $12 million are earmarked for affordable rental housing development in the City of San Leandro. Low-Income Housing Tax Credits (LIHTC): The federal 4% and 9% LIHTC is the principal source of funding that can be leveraged for the construction and rehabilitation of affordable rental housing. They are a dollar-for-dollar credit against an investor’s federal tax liability. If appropriate, describe publically owned land or property located within the jurisdiction that may be used to address the needs identified in the plan There are no identified publicly owned land located within the jurisdiction for uses to address the needs identified in the FY 2019-2020 Action Plan. Annual Action Plan 19 2019 OMB Control No: 2506-0117 (exp. 06/30/2018)