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Title:
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REPORT - AFFORDABLE HOUSING INCENTIVE FUND PILOT PROGRAM FUNDING RECOMMENDATIONS
BACKGROUND: Faced with a significant housing shortage and prolonged financial and market effects of the recent recession, the City Council approved a Housing Action Plan that addresses how to increase housing production and achieve a goal of Housing for All. As an early step in implementing the Housing Action Plan, the Council initiated the Affordable Housing Incentive Fund Pilot Program (“AHIFPP”) funded with $3 million from General Fund Reserves. The AHIFPP objective is to incentivize the production or preservation of the most affordable housing in the shortest timeframe, utilizing the least amount of City funds, targeted to the lowest income level for the longest time period.
The City received eight applications seeking all or part of the $3 million in response to a Notice of Funding Availability (“NOFA”). Funding recommendations were made by a review team consisting of Vice-Mayor Tibbetts, Council...
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