13A Action Items - Laserfiche WebLink

Home

City of San Leandro 2023-2031 Housing Element Update 2-40 San Leandro Affordable Housing Trust Fund The City’s Affordable Housing Trust Fund was created under the City’s Inclusionary Housing Ordinance to receive fees and or monies (such as in lieu housing fees and condominium conversion fees) from sources in connection with the approval of new residential development projects. Funds in the Affordable Housing Trust Fund must be utilized to improve the supply of affordable housing and increase access to housing for moderate-, low-, and very low-income households in San Leandro. Low- and Moderate-Income Housing Asset Fund The Low and Moderate Income Housing Asset fund receives reimbursements from loan payoffs on projects supported by the former San Leandro Redevelopment Agency (RDA). When a sufficient balance is available, funds are distributed by an RFP or NOFA process to leverage other financing to construct deed restricted affordable housing. The former RDA outstanding loan portfolio that the City expects eventually to be reimbursed primarily consists of first time homebuyer down payment assistance loans and housing rehabilitation loans. The RDA was terminated in 2012 when the State eliminated the ability for cities to collect the scheduled tax-increment payments, but a city’s “housing successor agency” is allowed to continue collecting repayments from its former low- and moderate-income housing portfolio supported by RDA tax-increment set-aside for affordable housing activities. 2.20.2 Preservation of At-Risk Units California housing element law requires all jurisdictions to include a study of all low-income housing units which may at some future time be lost to the affordable inventory by the expiration of some type of affordability restrictions. The planning period for this at-risk housing analysis extends from 2023 through 2033. The underlying income use restrictions of the assisted housing developments listed in Table 2.36 were reviewed for potential conversion to market rate during this planning period. During the 2023-2033 period, 35 units (out of a total unit count of 236) residential units at Gateway Apartments are deemed “high risk” of being lost to the supply of the affordable housing in the City of San Leandro. The deed restrictions recorded on title of this property will expire in 2025. Gateway Apartments is a private development that set aside affordable units as dictated by the inclusionary requirements under the City’s Redevelopment Agency that was operating at the time the housing was constructed. It is highly likely that these units will be converted to market-rate housing at the expiration of affordability controls in 2025. Prior to the expiration date of these deed restricted units, the City will work with the property owner to confirm that the tenants are properly notified of their rights under AB 1521 (2017, Bloom). Different options may be used to preserve or replace the units though they may be infeasible given that the units are located in a larger non-regulated property. The following analysis demonstrates the cost to the City to preserve these at-risk units.