DATE: March 20, 2018
TO: Mayor and City Council
FROM: Assistant City Manager
SUBJECT
Title
Adoption of a Resolution Authorizing the City Manager to Issue a Notice of Funding Availability for New Construction of Affordable Housing
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RECOMMENDATION
Recommendation
That Council adopts a resolution (Attachment II) that authorizes the City Manager to issue a Notice of Funding Availability (NOFA) for new construction of affordable rental housing to identify affordable housing projects eligible for Alameda County Measure A1 funds and projects that advance the City's affordable housing priorities.
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SUMMARY
The staff report identifies the criteria to be set-forth in the NOFA that will identify affordable rental housing projects eligible for Alameda County Measure A1 funds and projects that advance the City's affordable housing priorities. The purpose of the NOFA is to ensure that the award of local housing funds are: (1) based on the City's priorities; (2) made to affordable housing developers in an amount necessary to make the projects feasible; and (3) eligible for Alameda County Measure A1 bond funds, including Hayward's base allocation and the Mid County Regional Pool. Eligible activities under the NOFA will include new construction of rental, supportive, or transitional affordable housing. Projects must meet basic standards regarding developer experience, income targeting (20% of the units at 20% Area Median Income (AMI) per Measure A1 program requirements), site control, and other requirements. The NOFA also sets forth criteria by which projects will be scored and ranked, including project readiness, percentage of leveraged funds, location attributes, income targeting, targeting to households with special needs or who are homeless, developer experience, and project energy efficiency measures. Lastly, the NOFA discloses the City's financing guidelines, loan terms, applicable state ...
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