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Home My WebLink Aboutr10303affordablehousingfundawardRESOLUTION NO . 10303 (2011 Series ) A RESOLUTION OF THE CITY OF SAN LUIS OBISPO APPROVING A $30,00 0 AFFORDABLE HOUSING FUND AWARD FOR THE SAN LUIS OBISPO (SLO ) COUNTY HOUSING TRUST FUN D 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 4, 2011 for th e purpose of considering a request by the SLO County Housing Trust Fund for Affordabl e Housing Fund (AHF) assistance in the amount of $30,000 ; an d WHEREAS,the projects and programs supported by the SLO County Housing Trus t Fund meet the eligibility criteria 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 testimony 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 : Although the proposal does not create any units on its own, the HTF improves the City's ability to facilitate affordable housing, provides technical assistance to City staff an d developers of affordable housing in the City, and HTF advocates for affordable housin g projects, consistent with City policy . The proposed award is consistent with City Genera l Plan policy (Housing Element Program 2 .13 and 6 .13) and past practice . 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 (RI-INA) for the upcoming 5 year s includes 185 units in the extremely-low income (<31% of AMI) category, 185 units i n the very-low income (31-50% of AMI) category, 259 units in the low income (51-80% o f AMI) category and 295 in the moderate income (81-120% of AMI) category . The HT F R 10303 Resolution No . 10303 (2011 Series ) Page 2 contributes to affordable housing at all of these income ranges and will assist the City i n 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 criteria would be evaluated for any future HTF affordable housing projects in th e City that also receive an AHF grant . 4.Timing :The project would better serve the City's needs if it were built immediately a s opposed to later, as follows : Funding should be provided now so that the HTF has adequate funds to cover operatin g expenditures during the 2011 fiscal year. 5.Financial Effectiveness :But for the requested funding, the project would not b e economically feasible ; or AHF funding "leverages" significant additional funding from othe r sources, as follows : The City's AHF award would leverage significant additional funding from other sources . The top twenty contributors to the HTF have provided over $4 .4 million in operatin g 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 Obisp o 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 .Th e City Council does hereby approve an Affordable Housing Fund grant in the amount of $30,00 0 to support operations . Upon motion of Vice Mayor Ashbaugh, seconded by Council Member Smith, and on th e following vote : AYES : Council Members Carpenter, Carter and Smith, Vice Mayor Ashbaug h and Mayor Mar x NOES : None ABSENT : None Resolution No . 10303 (2011 Series) Page 3 The foregoing resolution was adopted this 4 th day of October, 2011 . ATTEST : K.g.—r-e.—_.2L1 Elaina Can o City Clerk APPROVED AS TO FORM :