DATE: April 25, 2023
TO: Mayor and City Council
FROM: Assistant City Manager
SUBJECT
Title
Affordable Housing Bonds: Review and Discuss a Proposed Social Impact Bonds Program and Reallocation of $2 Million in Housing ARPA Funds
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RECOMMENDATION
Recommendation
That the City Council reviews and provides feedback on a proposed social impact bonds program and reallocation of $2 million in ARPA funds designated for housing programs.
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SUMMARY
On April 27, 2021, the City Council adopted a resolution authorizing the acceptance of $38 million in federal stimulus allocation under the American Rescue Plan Act of 2021 (ARPA). On July 13, 2021, City Council approved the Hayward Federal Stimulus Expenditure Plan which included $4.25 million for housing programs. Staff have already implemented the foreclosure prevention and the emergency relocation assistance programs but have yet to implement the wealth building and tax-defaulted property acquisition programs. All funds awarded through ARPA must be obligated no later than December 31, 2024.
On March 2, 2023, the City of Hayward Homelessness-Housing Task Force (HHTF) held a Work Session on a proposal for a new social impact bonds program and to reallocate $3 million in remaining housing ARPA funding for down payment assistance for the social impact bonds program. HHTF members expressed interest in the social impact bonds program but directed staff to return to the City Council with an analysis of alternative funding uses.
Because of the anticipated need for anti-displacement legal resources for renters as the County's eviction moratorium is lifted, staff returned to City Council on March 28, 2023, with a recommendation to reallocate $500,000 of remaining ARPA housing funds for a multi-agency legal assistance and anti-displacement program with Centro Legal de la Raza, Inc. (Centro Legal), which was approved by City Council. This staff report discusses the potential ...
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