DATE: June 4, 2024
TO: Mayor and City Council
Hayward Housing Authority Board
FROM: Development Services Director
SUBJECT
Title
Adopt a Resolution Authorizing an Affordable Housing Funding Agreement Between the Housing Authority of the City of Hayward and the City of Hayward Granting $2 Million in ARPA-SLFRF Funds to the Housing Authority of the City of Hayward for the Down Payment Assistance Program
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RECOMMENDATION
Recommendation
That the City Council adopt a resolution authorizing the City Manager to negotiate and execute an affordable housing funding agreement between the Housing Authority of the City of Hayward and the City of Hayward granting $2 million of APRA-SLFRF funds to the Housing Authority of the City of Hayward; and
That the Housing Authority Board adopt a resolution authorizing the Executive Director to: (1) negotiate and execute an affordable housing funding agreement between the Housing Authority of the City of Hayward and the City of Hayward granting $2 million of APRA-SLFRF funds to the Housing Authority of the City of Hayward; and (2) execute loan documents, administer the loans and subordinate, extend or modify repayment terms to implement affordable housing activities under ARPA-SLFRF rules.
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SUMMARY
On June 6, 2023, the City Council approved the reallocation of $2 million in American Rescue Plan Act 2021 Coronavirus State and Local Fiscal Recovery Funds (“ARPA-SLFRF”) allocated for housing programs to establish a down payment assistance program and revolving loan fund to assist both current and future low-income homebuyers. Additionally, staff anticipated pairing the down payment assistance program with the social impact bonds (“SIB”) program to make units more accessible to low-income purchasers which has delayed implementation of the down payment assistance program while the feasibility of the SIB program is determined. The purpose of this report is to request authorization for the Housing Authority of the City of Hayward (“Authority”) and the City of Hayward (“City”) to enter into an affordable housing funding agreement to grant the $2 million in ARPA-SLFRF for the down payment assistance program to the Authority to obligate the funds by the December 31, 2024 ARPA-SLFRF program deadline and authorize the Authority to administer the down payment assistance program.
ATTACHMENTS
Attachment I Staff Report
Attachment II City Resolution
Attachment III HHA Resolution
Attachment IV Term Sheet