HomeMy WebLinkAboutr 10475 approve $30K affordable housing fundRESOLUTION NO. 10475 (20f3 Series)
A RESOLUTION OF THE CITY OF SAN LUIS OBISPO APPROVING A $3O,OOO
AFFORDABLE HOUSING FUND (AHF) AWARD FOR THE SAN LUIS OBISPO
COUNTY HOUSING TRUST FUND (HTF)
WHEREAS, the City Council of the City of San Luis Obispo met in the Council
Chamber of City Hall,990 Palm Street, San Luis Obispo, California, on October 1,2013 for the
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 of
affordable housing project construction in the City; and
WHEREAS, the projects and programs supported by the HTF meet the eligibility criteria
established by the City Council; and
WHBREAS, Housing Element Program 6.13 provides direction for the City to "continue
to support the SLO County Housing Trust Fund's efforts to provide below-market financing and
technical assistance to affordable housing developers as a way to increase affordable housing
production in the City of San Luis Obispo"; and
WHEREAS, the City Council has duly considered all evidence, including the testimony
of the applicant, interested parties, and the evaluation and recommendations by staff presented at
said meeting.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of San Luis
Obispo as follows:
SECTION 1. Findings. The City Council does hereby make the following findings in
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, as follows:
The HTF improves the ability and feasibility of affordable housing construction. The HTF
indirectly supports creation of affordable housing units by providing financing and technical
assistance to City staff and developers of affordable housing in the City, and 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.
2. Need: There exists a substantial or overarching need for the type of unit to be assisted, as
follows:
The City's Regional Housing Needs Allocation (RHNA) for the f,tve year period from
January 2010 through December 2074 includes 185 units in the extremely-low income
(<3I% of AMI) category, 1 85 units in the very-low income (31-50% of AMI) category, 259
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ResolutionNo. 10475 (2013 Series)
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units in the low income (51-30% of AMI) category and 295 in the moderate income (81-
I20% of AMI) category. The HTF contributes to affordable housing at all of these 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 land
use and design, as follows:
This criterion is evaluated when HTF-funded affordable housing projects are proposed in 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 operating
expenditures during the 2013 fiscal year and can continue to assist affordable housing project
construction. The City's citizens would be better served with HTF's assistance now rather
than later.
5. Financial Effectiveness: But for the requested funding, the project would not be
economically feasible; or AHF funding "leverages" significant additional funding from other
sources, as follows:
The City's AHF award would leverage significant additional funding from other sources.
The top 21 contributors to the HTF have provided over $6 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, as
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 fulfìll their mission and is
supported by the General Plan.
SECTION 2.Affordable ns Fund Award. SLO Countv ns Trust Fund.The
City Council does hereby approve an Affordable Housing Fund grant in the amount of $30,000
to support operations.
Upon motion of Council Member Ashbaugh, seconded by Council Member Christianson,
and on the following roll call vote:
AYES
NOES:
ABSENT
Council Members Ashbaugh, Carpenter and Christianson, Vice Mayor
Smith and Mayor Marx
None
None
ResolutionNo. 10475 (2013 Series)
Page 3
The foregoing resolution was adopted this 19th day of November 2013.
Marx
ATTEST:
APPROVED AS TO FORM:
Christine Dietrick
City Attomey
City