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Next Steps for Developing a Process for Use of Affordable Housing Bond Funds.
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Staff:
Department:
Loryn Clark, Executive Director
Housing and Community
Sarah Vinas, Assistant Director
Overview: On May 23, 2018, the Council approved a resolution to proceed with an affordable housing bond referendum in November, 2018. The purpose of this memorandum is to share proposed next steps for developing a process for allocation of affordable housing bond funds.
Recommendation(s):
That the Council receive this report.
Background:
* During a Work Session on February 7, 20181, we discussed with the Council our interest of creating an affordable housing investment plan and using general obligation (GO) bonds as the primary funding source.
* On February 21, 20182 the Council adopted a schedule to pursue an affordable housing bond in November, 2018.
* On February 21, 2018, the Council also adopted a resolution identifying eligible activities and priorities for use of affordable housing bond funds.
* Eligible activities are:
o Acquisition of property
o Home repairs/comprehensive rehabilitation
o Construction of new affordable housing units.
* The Council approved the following priorities:
o Rental housing serving households earning less than 60% of the Area Median Income
o Rental housing serving vulnerable populations (i.e. disabled, homeless, elderly)
o Long-term affordability
o Located near transit services
o High leverage from other sources
* On May 23, 20183 the Council adopted a resolution authorizing the issuance of up to $10,000,000 of general obligation bonds for affordable housing.
* In response to the Council's request, Town staff solicited a list of potential projects from our partner housing providers as examples of what could be funded with affordable housing bond funds. We also identified two Town-initiated projects. Town staff has conducted no review of the projects from our partners and provided them as examples. Our plan of action includ...
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