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96 <br />Describe the number and targeting (income level/type of family served) of units <br />assisted with federal, state, and local programs. <br />The City tracks the affordability status of 5,018 affordable housing units, which were <br />constructed, rehabilitated, or supported with HOME, Housing Set-Aside, Housing Bond, or <br />tax credit funds, HCVs and other public sources, according to the City’s 2021-2029 Housing <br />Element. <br />Provide an assessment of units expected to be lost from the affordable housing <br />inventory for any reason, such as expiration of Section 8 contracts. <br />HUD requires the City to analyze federal, state and locally assisted housing units that may <br />be lost from the City’s affordable housing stock. The expiration of affordability restrictions <br />on government assisted rental units is the typical reason that affordable units convert to <br />market rate and are “lost.” Much of the housing at-risk of conversion from affordable <br />housing to market rate housing is predominantly reserved for lower income households. <br />Use restrictions, as defined by state law, means any federal, state, or local statute, <br />regulation, ordinance, or contract that as a condition of receipt of any housing assistance, <br />including a rental subsidy, mortgage subsidy, or mortgage insurance, to an assisted <br />housing development, establishes maximum limitations on tenant income as a condition <br />of eligibility for occupancy. <br />Conversion Risk <br />According to the City’s 2021-2029 Housing Element, there are 500 publicly assisted <br />affordable rental units at risk of converting to market rate units in 2025. <br />Preservation and Replacement Options <br />To maintain the existing affordable housing stock, the City may either preserve the existing <br />assisted units or facilitate the development of new units. Each negotiation to preserve <br />affordable units is unique, as project ownership interests and economic vary and City <br />resources may be insufficient to preserve all units when covenants expire. Depending on <br />the circumstances, different options may be used to preserve or replace the units. <br />Preservation options typically include: 1) transfer of units to nonprofit ownership; 2) <br />providing rental assistance to tenants using other funding sources; and 3) purchasing <br />extended affordability covenants. For replacement, the most direct option is the <br />development of new affordable units with long-term covenants. <br />Does the availability of housing units meet the needs of the population? <br />There is a significant need for additional rental housing units of all sizes affordable to <br />households earning up to 80 percent AMI, especially smaller units such as no-bedroom and <br />one-bedroom units and larger units such as those with four or more bedrooms t. <br />EXHIBIT 1