HomeMy WebLinkAboutPOWERPOINT - WS-1 AFFORDABLE HOUSING FUNDS POLICIES AND PROCEDURES
City Council Work Study Session
March 6, 2018
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Direction from City Council to develop Policies and Procedures:
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June 20
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Presented draft to the Community Redevelopment and Housing
Commission:
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September 27(Work Study)
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October 25(Approved by a vote of 6:0)
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Presented draft to the Economic Development, Infrastructure, Budget
and Technology (EDIBT) Committee for Comments:
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November 13
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EDIBT Committee requested more information from staff and
stakeholder feedback
Stakeholder Workshop:
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December 19
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Presented revised draft to the EDIBT Committee for Comments:
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January 8th
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EDIBT Committee requested additional revisions which have been
incorporated into this draft
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PurposePurposeIntentIntent
•To guidehow affordable •To provide a transparent,
housing funds and land openand fair process in
assets available are the allocation of scarce
allocated, committed, affordable housing funds
loanedand monitoredfor and land assets available
multi-family affordable to the City for affordable
housing development in housing development
the City
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◦Types of Affordable Housing Funding
Sources Available
◦Proposal Submittal and Review Procedures
◦Pre-Loan Commitment Procedure
◦Loan Terms and Closing Procedures
◦Project Monitoring and Reporting
◦Detailed Overview of Funding Sources
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Open RFP Process
1.
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Proposals may be submitted at anytime
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RFP is continuously open throughout the year
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Provides for an opportunistic process so the City will not miss
out on a site for development
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Quarterly review of proposals
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Minimum score of 75 points required to proceed forward
City Council Initiated Proposal Review
2.
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A City Councilmember may request review of a proposal
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Developer pays for analysis by real estate advisor (e.g. KMA)
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City Council then presented with both City staff’s and the real
estate advisor’s analysis and provides direction, without staff
recommendation
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5 votes to move forward
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By-Right Funding for Housing
3.
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Developer may submit an application for by-right funding
for housing
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Project must be located in a zone designated as “by-right”
for housing development
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Only units serving households at 30% Area Median Income
or below may qualify
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The maximum per unit subsidy shall not exceed the
maximum per unit subsidy limits set by HUD for the HOME
Program
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Only applies to local funds (e.g. Inclusionary Housing
Funds) because all Federal Funds must go through a federal
procurement process.
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Policies and Procedures include a
sample of the Criteria
Competitive Selection Criteria is to be
reviewed at least once a year to ensure
it best meets the goals and needs of
the City
Based on needs identified in the
Housing Element and our Regional
Housing Needs Assessment
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