Report to Mayor and City Council
Wednesday, November 04, 2020
Consent
SUBJECT:
Title
CONSIDER RESOLUTION NO. 20-166 APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO AND TO BECOME A MEMBER OF THE CSCDA COMMUNITY IMPROVEMENT AUTHORITY, APPROVING THE FORM OF A PUBLIC BENEFIT AGREEMENT AND AUTHORIZING ITS EXECUTION, AND APPROVING THE ISSUANCE OF REVENUE BONDS BY THE AUTHORITY FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION OR IMPROVEMENT OF PROJECTS AND RELATED TRANSACTION COSTS (CITY COUNCIL)
Body
I. SUMMARY
The City encourages and supports a full range of housing options affordable to different income levels. There is currently limited Federal, State or local subsidies or programs to produce or preserve the growing shortfall of below-market-rate rental housing for moderate- and middle-income households. To date, affordable housing programs in California have almost exclusively focused on providing housing for low income households, which are households that earn at or below 80% of area median income ("AMI"). State and federal funding sources are almost exclusively targeted to households at or below 60% of AMI. This has left a "missing middle," comprised of households that earn too much to qualify for traditional affordable housing programs but not enough to afford market rate housing.
In the past RHNA cycle, the City has met the RHNA goals for over-moderate or market rate housing but has not met the goals in the other categories. While the City and its Housing Authority have worked to facilitate traditional affordable housing as described above, there are few or no programs that target moderate- or just above moderate incomes: the missing middle.
This program uses the issuance of tax-exempt bonds to fund the acquisition and development of moderate- and middle-income housing in California. The sponsoring entity, the California Statewide Communities Development Authority ("CSCDA") is a statewide joi...
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