DATE: May 4, 2021
TO: Mayor and City Council
FROM: Assistant City Manager
SUBJECT
Affordable Housing Development Funding: Adopt Resolutions Authorizing the City Manager to Prioritize Current Affordable Housing Projects for Allocation of Existing Inclusionary Housing Trust Funds Not-to-Exceed $4.9 million and to Issue a Notice of Funding Availability (NOFA) to Establish an Affordable Housing Development Pipeline
RECOMMENDATION
That the City Council:
1. Adopts a resolution amending the FY 2021 Housing Division budget by appropriating Four Million Nine Hundred Thousand Dollars ($4,900,000) from fund balance in the Inclusionary Housing Trust fund to fund affordable housing development loans (Attachment II);
2. Adopts a resolution authorizing the City Manager to negotiate and execute loan documents between the City of Hayward and Developers of existing affordable housing projects., in an amount not-to-exceed Four Million Nine Hundred Thousand Dollars ($4,900,000) (Attachment III); and
3. Adopts a resolution authorizing the City Manager to issue an affordable housing NOFA to establish an affordable housing funding pipeline (Attachment IV).
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 $4.9 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 ...
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