Laserfiche WebLink
Annual Action Plan <br />2023 <br />17 <br />OMB Control No: 2506-0117 (exp. 09/30/2021) <br />Legislature passed two bills (of many other housing-related legislation) seeking to generate funds for <br />new affordable housing production. The Building Homes and Jobs Act (SB 2: Atkins) will establish a <br />permanent source of funding for affordable housing through a $75 fee on real estate document filings. <br />The Affordable Housing Bond Act (SB 3: Beall) allowed the State of California to place a $4 billion <br />statewide general obligation bond for affordable housing on the November 2018 ballot. Proposition 1 <br />(Housing Programs and Veterans’ Loan Bond) was approved. All of these programs have funded critical <br />and successful affordable housing programs operated by State agencies. <br />Additionally, the statewide Greenhouse Gas Reduction Fund’s Affordable Housing and Sustainable <br />Communities program is a competitive funding program that encourages collaboration between <br />affordable housing developers, jurisdictions, and transit agencies to fund affordable housing <br />development and transportation infrastructure and amenities. City staff will continue encouraging <br />affordable housing developers and area transit agencies to collaborate in an application to AHSC for <br />funding when a viable and competitive housing and transportation development is ready to move <br />forward. <br />Low-Income Housing Tax Credits (LIHTC): The federal 4% and 9% LIHTC is the principal source of funding <br />that can be leveraged for the construction and rehabilitation of affordable rental housing. They are a <br />dollar-for-dollar credit against an investor’s federal tax liability. City staff continue to monitor <br />developments in these regional and state funding initiatives and will work to position affordable housing <br />and community development projects in the City to be competitive in securing those funding resources. <br />If appropriate, describe publicly owned land or property located within the jurisdiction that <br />may be used to address the needs identified in the plan <br />The 2018-19 Session of the California State Legislature passed multiple bills regulating the City’s supply <br />of surplus land (AB 1486: Ting; AB 1255: Rivas; SB6: Beall). The City will work to comply with State law <br />regarding City-owned property used to address the needs identified by the 2020-2024 Consolidated Plan <br />if any becomes available during this planning period. <br /> <br />Discussion