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File #: 2020-771    Version: 1 Name:
Type: Consent Status: Agenda Ready
File created: 11/2/2020 In control: City Council
On agenda: 12/1/2020 Final action:
Title: CONSIDER RESOLUTION NO. 20-182 AUTHORIZING THE CITY OF CARSON TO BECOME AN ADDITIONAL MEMBER OF THE CALIFORNIA COMMUNITY HOUSING AGENCY ("CALCHA"), SUPPORTING CALCHA'S ISSUANCE OF TAX-EXEMPT BONDS FOR THE PRODUCTION, PRESERVATION AND PROTECTION OF ESSENTIAL MIDDLE-INCOME RENTAL HOUSING; AND AUTHORIZING THE CITY MANAGER TO ENTER INTO PURCHASE OPTION AGREEMENTS WITH CALCHA FOR ESSENTIAL MIDDLE-INCOME RENTAL HOUSING CREATED WITHIN THE CITY LIMITS (CITY COUNCIL)
Attachments: 1. Exhibit 1 - Resolution No 20-182 Middle Income Housing, 2. Exhibit 2 - JPA Agreement, 3. Exhibit 3 - Form of Purchase Option Agreement
Report to Mayor and City Council
Tuesday, December 01, 2020
Consent


SUBJECT:
Title
CONSIDER RESOLUTION NO. 20-182 AUTHORIZING THE CITY OF CARSON TO BECOME AN ADDITIONAL MEMBER OF THE CALIFORNIA COMMUNITY HOUSING AGENCY ("CALCHA"), SUPPORTING CALCHA'S ISSUANCE OF TAX-EXEMPT BONDS FOR THE PRODUCTION, PRESERVATION AND PROTECTION OF ESSENTIAL MIDDLE-INCOME RENTAL HOUSING; AND AUTHORIZING THE CITY MANAGER TO ENTER INTO PURCHASE OPTION AGREEMENTS WITH CALCHA FOR ESSENTIAL MIDDLE-INCOME RENTAL HOUSING CREATED WITHIN THE CITY LIMITS (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.
Developed by Catalyst Housing (Catalyst), 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 Community Housing Agency ("CalCHA") wa...

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