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Receive and File Report on Efforts to Replenish the Inclusionary Housing Fund <br />December 4, 2018 <br />Page 2 <br />2. Staff analyzed the SB2 bill and guidelines which establishes a fluctuating, yet permanent <br />on-going source of funding dedicated to affordable housing development. While actual <br />funding amounts are unknown at this time, the City anticipates receiving approximately <br />$1.9 million per year based on current estimates of SB2 revenue received by the State. <br />Options to use the funds to replenish the Inclusionary Housing Fund for work already <br />performed at the Link or to backfill other housing funds in the City's housing portfolio that <br />are SB2 eligible are being evaluated. <br />3. Staff is evaluating the option to use approximately $75,000 in unexpended 2017/18 <br />Emergency Solutions Grant (ESG) funds recaptured for redistribution to replenish the <br />Inclusionary Housing Fund. HUD has various regulatory requirements that may not all this <br />and as such staff will continue to research. <br />Staff will continue to pursue options to replenish the Inclusionary Housing Fund following <br />the investment by City Council in September 2018. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #5 - Community Health, Livability, Engagement <br />and Sustainability, Objective #3 (facilitate diverse housing opportunities and support efforts to <br />preserve and improve the livability of Santa Ana neighborhoods). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />:2:A-- [ - y <br />Steven A. Mendoza -� <br />Executive Director <br />Community Development Agency <br />19G-2 <br />