Title
Recommendation to Approve Pre-Commitment of $6.0 million of the City's Base Allocation of Funding through the Alameda County Affordable Housing Bond Program for the Eagle Avenue and Site A Affordable Housing Projects. (Housing 266)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Recommendation to Approve Pre-Commitment of $6.0 million of the City's Base Allocation of Funding through the Alameda County Affordable Housing Bond Program for the Eagle Avenue and Site A Affordable Housing Projects
BACKGROUND
On November 8, 2016, Alameda County voters overwhelming passed the Countywide Housing Bond (Measure A1). The $580 million bond program will fund three homeownership programs and two rental housing development programs. The County Housing and Community Development Department (HCD) will administer the bond program. The Rental Housing Development Fund ($425 million) is intended to create and preserve affordable rental housing for vulnerable populations including homeless people, seniors, veterans, people with disabilities, youth aging out of foster care, and people re-entering the community. Funds will be restricted to projects with a majority of rental units affordable to very-low and low-income households with incomes between 30-60% of Area Median Income (AMI). Twenty percent of the total program units Countywide must serve households earning 20% or less of AMI.
The Rental Housing Development Fund has two components: a base allocation for each city and the unincorporated County and four regional pools to which cities can apply for funding to augment their base allocation. Alameda's base allocation is $10.4 million. Alameda is in the mid-County region, along with Hayward, San Leandro, and the unincorporated County. The mid-County pool is $50 million.
HCD has begun the process for implementing the bond program with a focus on the initial implementation period through June 2018. As part of this proce...
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