HomeMy WebLinkAboutr10397approve$30KaffordablehousingfundawardforslocntyhousingtrustfundRESOLUTION NO . 10397 (2012 Series )
A RESOLUTION OF THE CITY OF SAN LUIS OBISPO APPROVING A $30,00 0
AFFORDABLE HOUSING FUND (AHF) AWARD FOR THE SAN LUIS OBISP O
COUNTY HOUSING TRUST FUND (HTF )
WHEREAS,the City Council of the City of San Luis Obispo met in the Counci l
Chamber of City Hall, 990 Palm Street, San Luis Obispo, California, on October 2, 2012 for th e
purpose of considering a request by the HTF for AHF assistance in the amount of $30,000 ; and
WHEREAS,the $30,000 will allow the HTF to improve the ability and feasibility o f
affordable housing project construction in the City ; and
WHEREAS,the projects and programs supported by the HTF meet the eligibility criteri a
established by the City Council ; an d
WHEREAS,Housing Element Program 6 .13 provides direction for the City to "continu e
to support the SLO County Housing Trust Fund's efforts to provide below-market financing an d
technical assistance to affordable housing developers as a way to increase affordable housin g
production in the City of San Luis Obispo"; and
WHEREAS,the City Council has duly considered all evidence, including the testimon y
of the applicant, interested parties, and the evaluation and recommendations by staff presented a t
said meeting .
NOW, THEREFORE, BE IT RESOLVED,by the City Council of the City of San Lui s
Obispo as follows :
SECTION 1 .Findings .The City Council does hereby make the following findings i n
support of the proposed Affordable Housing Fund award :
1 .Eligibility :Use of the AHF for the requested purpose will increase or improve the City's
affordable housing inventory and promote General Plan policies regarding housing, a s
follows :
The HTF improves the ability and feasibility of affordable housing construction . The
HTF indirectly supports creation of affordable housing units by providing financing an d
technical assistance to City staff and developers of affordable housing in the City, an d
HTF advocates for affordable housing projects, consistent with City policy . The proposed
award is consistent with the General Plan (Housing Element Programs 2 .12 and 6 .13) and
past practice .
R 10397
Resolution No . 10397 (2012 Series )
Page 2
2.Need:There exists a substantial or overarching need for the type of unit to be assisted, a s
follows :
The City's Regional Housing Needs Allocation (RHNA) for the five year period fro m
January 2010 through December 2014 includes 185 units in the extremely-low incom e
(<31% of AMI) category, 185 units in the very-low income (31-50% of AMI) category ,
259 units in the low income (51-80% of AMI) category and 295 in the moderate incom e
(81-120% of AMI) category . The HTF contributes to affordable housing at all of thes e
income ranges and will assist the City in meeting State housing targets .
3.Suitability :The project to be assisted is appropriate for its location both in terms of lan d
use and design, as follows :
This criterion is evaluated when HTF-funded affordable housing projects are proposed i n
the City and for any project that receives an AHF grant .
4.Timing:The project would better serve the City's needs if it were built immediately as
opposed to later, as follows :
Funding should be provided now so that the HTF has adequate funds to cover operatin g
expenditures during the 2012 fiscal year and can continue to assist affordable housin g
project construction . The City's citizens would be better served with HTF's assistanc e
now rather than later .
5.Financial Effectiveness :But for the requested funding, the project would not b e
economically feasible ; or AHF funding "leverages" significant additional funding fro m
other sources, as follows :
The City's AHF award would leverage significant additional funding from other sources .
As shown in Attachment 2, the top twenty contributors to the HTF have provided ove r
$5 .1 million in operating support and equity for new loans since 2003 .
6.Readiness :The project has all necessary City approvals and is ready to proceed, a s
follows :
The HTF has been contributing to the cause of affordable housing in San Luis Obispo
County since 2003 and the proposed AHF award will help the HTF fulfill their missio n
and is supported by the General Plan.
SECTION 2 .Affordable Housing Fund Award, SLO County Housing Trust Fund .The
City Council does hereby approve an Affordable Housing Fund grant in the amount of $30,00 0
to support operations .
Resolution No . 10397 (2012 Series )
Page 3
Upon motion of Council Member Ashbaugh, seconded by Council Member Carter, an d
on the following vote :
AYES :
Council Members Ashbaugh, Carter and Smith, Vice Mayor Carpenter
and Mayor Marx
NOES :
None
ABSENT : None
The foregoing resolution was passed and adopted this 2 "d day of October, 2012 .
Mayo n Mar x
ATTEST :