DATE: June 4, 2020
TO: Homelessness-Housing Task Force
FROM: Deputy City Manager
SUBJECT:
Title
Informational Report on Program and Policies that Promote Homeownership
End
RECOMMENDATION
Recommendation
That the Homelessness-Housing Task Force (HHTF) reviews and discusses this report on programs and policies that create homeownership opportunities in the City of Hayward.End
SUMMARY
The purpose of this report is to describe programs and policies that create homeownership opportunities. Homeownership provides long-term housing stability as long as the cost is affordable, and maintenance and repairs are manageable. The report and Attachment II describe the following programs and policies:
1. Homebuyer assistance programs
2. Affordable Housing Ordinance (AHO) ownership units
3. Tenant right of first refusal policies (TROFR)
4. Community land trusts (CLT)
5. Subsidizing affordable ownership development
The programs and policies described in the report are viable mechanisms to create more affordable homeownership opportunities, but have varying costs. Increasing ownership opportunities would be beneficial to community members; however, funding for these programs is limited. These programs and policies are submitted for consideration as the HHTF considers funding priorities for the Affordable Housing Trust funds in subsequent meetings.
ATTACHMENTS
Attachment I Staff Report
Attachment II Polices that Promote Homeownership