AGENDA DATE: 7/20/2022
TITLE:
Title
Requests for Housing Fund Support
BODY
SUBJECT/PROPOSAL/REQUEST: Consider funding of affordable housing projects from the Housing Fund Reserve.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Walker, Hudson, Herrick, Dimock, Pethia
PRESENTER (S): Stacy Pethia, Housing Policy Manager
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Between September and November 2021, the County solicited applications for funding through both the Agency Budget Review Team (ABRT) and American Rescue Plan Act (ARPA) processes. A total of eight funding requests to support affordable housing projects were received during the application periods, with one additional funding request received outside of the ABRT and ARPA processes. The combined total funding amount associated with these requests equals $22,187,152, which would support the construction of 445 and preservation of 133 affordable housing units.
On April 20, 2022, the Board approved the use of $1,296,520 from the Housing Fund Reserve to support the construction and preservation of 78 affordable housing units. During this meeting, staff identified two additional affordable housing projects to be recommended for funding in Fiscal Year 2023 (FY 23).
With the adoption of the FY 23 Budget on May 4, 2022, the Board of Supervisors approved a total of $548,870 in ABRT funding, and $2,735,680 in ARPA funding to support additional affordable housing projects and programs. The Board also approved the transfer of $3.1 million in FY 21 General Fund balance, and $698,410 from the American Rescue Plan Act (ARPA) Reserve to the Housing Fund Reserve.
STRATEGIC PLAN: Quality Government Operations - Ensure County government's capacity to provide high quality service that achieves community priorities.
DISCUSSION: At the completion of the both the ABRT and ARPA application processes, an inter-departmental County team reviewed the housing project-specifi...
Click here for full text