DATE: March 4, 2021
TO: Homelessness-Housing Task Force
FROM: Assistant City Manager
SUBJECT
Title
Provide Comments on Funding Priorities for Inclusionary Housing Trust Fund
EndRECOMMENDATION
Recommendation
That the Homelessness-Housing Task Force (HHTF) reviews and provides comments on this report summarizing funding options for the use of Inclusionary Housing Trust Funds.
End
SUMMARY
On November 28, 2017, the City Council adopted amendments to the Affordable Housing Ordinance, which increased the affordable housing in-lieu fees paid by housing developers deposited into the Inclusionary Housing Trust Fund. Currently, there is $4.4 million available in the Inclusionary Housing Trust Fund available to allocate to affordable housing development projects. Collectively, initial findings from a recent City displacement study, being prepared by HR&A Advisors, draw a picture of low-income households, particularly renters and Black and Hispanic households, who are experiencing intense economic pressure and housing need in Hayward. Study findings demonstrate that those pressures have intensified in the last decade and have already resulted in a loss of low-income Hayward residents. Those who are still living in Hayward are struggling with cost burden, especially Black and Hispanic households, as housing supply does not align with household income. These trends of economic and housing instability, especially for Black and Hispanic households, are likely exacerbated by the consequences of the COVID-19 pandemic.
Based on these findings and a pipeline of City supported projects and prospective projects, staff recommends that the HHTF prioritize projects that will provide safe and decent affordable housing to low-, very low- and extremely low-income households who are housing insecure and at risk of displacement and homelessness by awarding existing funds to City supported projects with funding gaps and by issuing an aff...
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